This article refers to the second phase of political transformation in Egypt, which coincides with the period of Muhammad Morsi’s presidency. The attention is paid not only to the internal dimension of the transformation, but also its main external circumstances. With regard to the functioning of the Egyptian political system, there were no significant changes – comparing to the period preceding the M. Morsi’s presidency. The holding of free elections (parliamentary and presidential) does not mean that Egypt has become a democratic state. It rather remains the state that “stuck” in transition, especially after the coup of July 3, 2013.