The task of this work is to determine – with recourse to modified technique of analyzing geopolitical discourse proposed by G. Toal – the Russian geopolitical discourse about North Caucasus and to compare it with the opinions of inhabitants of the region itself. Three kinds of sources have been applied. First, we have considered estimations of the most significant events in the region by the head of the Russian state. Second, publications related to North Caucasus have been studied. Analyzed have been two time periods: from October 2005 to September 2006 and from January to December 2010) of three all-Russian newspapers representing the spectrum of the country’s public opinion: the “Sovetskaya Rosiya”, reflecting positions of the left forces; the “Zavtra” newspaper representing the viewpoint of national patriotic opposition; and the “Novaya gazeta” coming out from liberal positions. And, third, materials of all-Russian and regional public opinion polls have been used. It has been established that the official optimistic position is rather unpopular in the region itself. As distinct from the said position, the oppositional discourse is of an alarmist character. At the same time there are questions arousing consensus of all political forces and of the population, which allows to stand a chance for solution of a number of problems