The axiological aspects of legal myth and mythological perception of reality were analyzed and it was found that several interrelated properties of the studied myth can be identified, which allow to assert the thesis about its own and instrumental value. In particular, the intrinsic (ontological) value of legal myth is manifested in the formation of a certain sign system, which is a reflection of legal reality in the minds of man (or society). Mythological perception of reality, in our opinion, is authorial, selective, to some extent biased. Instead, the instrumental value of legal myth is observed in the processes of human cognition of the world and legal reality, in the process of identification and self-identification of man. In particular, the legal myth is not just a means of knowing and identifying the phenomena of legal reality, but serves as a reliable apologist for the value and moral choice of man and his behavior, such a sign system that has a certain „indulgence” for any human action (inaction). The instrumental value of the legal myth is not limited to the framework of the epistemological process, the tasks of observation and cognition, but has a powerful potential for influence and transformation of legal reality. Awareness of this potential of the legal myth opens a wide space for its application in order to root in the legal consciousness of man and, ultimately, society as a whole, the relevant legal (or anti-legal) values. The principles of interaction of the legal myth and the modern state are determined. Any legal myth seeks to spread, social support, wider recognition, in the most ambitious end – official recognition and legitimacy, which is impossible without a strong state function. The legitimation of the legal myth occurs through its spread in society, receiving social support and rooting first in the legal consciousness of individuals, and gradually – in the public legal consciousness. It can be argued that legal myths permeate all levels of legal reality of the modern state, from legal consciousness (man and society), and ending with the processes of lawmaking, law enforcement, interpretation.