This article deals with the current state of the Theology of Liberation. It starts explaining the double sense of the expression Liberation Theology (theological praxistheological theory) and the “central intuitions” which internally characterize and structure it (primacy of praxis and the perspective of the poor/oppressed). Then, it is contrasted with the current issues facing this Theology (presence, visibility, relevance, appropriateness). Finally, the text presents its most important and fundamental challenges: God’s partiality regarding the poor, faith as the realization of God’s will, the problems of mediation, the theologicalprophetical character of popular struggles, and the relation between theory and praxis.