The study deals with the reflection on the spiritual crisis of the interwar period in Ortega y Gasset’s philosophy. The paper analyzes the effects of the crisis caused by the loss of the last Spanish colonies in Latin America, examines the impact of the First World War on Spanish society, and discusses the aspects of the historical and political situation in Spain in the 1920-1930s. Besides, the research reveals the impact of the post-imperial situation in Spain, the First World War, and the political and cultural crisis of interwar Europe on views of Jose Ortega y Gasset and his public activities. The emphasis is placed on the review of perspectivism and the theory of nations by Ortega y Gasset. The Ortega’s theory of circumstance is considered as the basis for his philosophical ideas; his views on perspectivism, the theory of nations, and the theory of mass are analyzed in the context of the theory of circumstance.