One of the most important functions of law is the resolution of disputes. However, legal means of dispute resolution, such as judicial settlement and arbitration, are often not chosen by the parties involved in international disputes. This can be explained by several reasons. In legal doctrine, it is a common view that parties avoid legal means due to the binding nature of the decisions rendered, yet this is far from the only reason why parties refuse these methods. In particular, one of the main reasons they avoid legal means is the uncertainty regarding whether the decision based on law will be equitable. There are many grounds for this, as legal norms contained in international legal documents, adopted several decades ago, may not correspond to modern realities. Therefore, the application of such norms can quite reasonably raise concerns among the parties about the potential for an inequitable decision based on them. In such cases, the method of ex aequo et bono may prove to be a practical tool for excluding the possibility of an inequitable decision based on legal norms. Contrary to popular misconception, the use of the ex aequo et bono method does not imply a complete rejection of legal norms. When applying this method, basic legal norms are often used to provide a legal foundation for decisions and to enhance their overall objectivity. However, in the application of the method ex aequo et bono, those legal norms that may lead to an inequitable decision are not applied. In this case, an equitable decision is often determined based on an analysis of the goals and principles of legal documents regulating the relevant issues, including an analysis of the document containing the legal norm whose application could have led to an inequitable decision. Thus, the ex aequo et bono method is a rather flexible peaceful means, combining valuable features of both equity and law. There is a deficit of information regarding the ex aequo et bono method in international legal documents. In particular, the lack of a clear definition, conditions, and rules for applying the ex aequo et bono method presents a significant obstacle to its extensive use in international practice. Therefore, appropriate lawmaking work should be undertaken in this area to fill legal gaps. The goal of the scientific article is to study the legal aspects of the ex aequo et bono method and identify the main problems negatively affecting the practice of its application. The results of the research showed the high practical value of the ex aequo et bono method in dispute resolution, especially in modern conditions when the use of flexible means is becoming increasingly relevant. The article aimed to condense, specify and expand legal knowledge about the ex aequo et bono method and may present significant scientific value for lawyers interested in judicial and arbitration practices; legal scholars; practicing judges and arbitrators; parties with unresolved disputes; as well as philosophers researching the relationship between equity and law.