The article discusses the work of J. R. R. Tolkien in the context of the concept of hope as it is defined in the Thomist philosophical system. The thrust of the argument is that the distinction between the two meanings of the word: hope defined as an appetitive passion of the soul and hope understood as one of the theological virtues provides a viable conceptual key to a discussion of the way in which the idea of hope functions in J. R. R. Tolkien’s classic works of fantasy fiction. The analysis seeks to trace the evolution of this basic dichotomy throughout The Lord of the Rings and the most pertinent sections of the legendarium presenting how the notion of hope functions for the civilization of the Elves and of Men, and also how the interaction between the passion and the virtue of hope impacts upon the construction and function of some of the key the individual characters of Tolkien’s fiction.