The article attempts to present a thorough analyses of concept from the position of two linguistic perspectives. The notion of concept is shared property and means of representation for both linguoculturology and cognitive linguistics. The concept is viewed as a mental representation, fragments from human life experience, abstract and rational categories shaped in the individual’s world picture. Having numerous ways of representation through language units in language, concepts create conceptual spaces and are classified into universal, national and individual divisions. A substantial and perspicuous explanation is presented in the given article, first to throw light on different angles of research of cognitive linguistics and linguoculturology; secondly, to develop thorough methodological comparative evaluation which outlines major similarities and differences between linguocultural and cognitive concepts. A comparative analysis allows to conclude that the value component reflected in national collective mentality is considered as the most significant aspect of linguocultural concept; while, cognitive concepts are inextricably intertwined with linguocultural concepts, the focal point of the study is directed to the investigation of processes of human cognition and information processing along with the attempt to identify the major concepts that help to organize conceptual world picture.