The aticle deals with particular features of Spanish and Protuguese though, which is ofte a synthesis of literature and philosophy and an expression of the tragic sense of life. With this approach we can analyze the specific character of the Iberian philosophy, which can only be understood if we take into account the Portuguese and Spanish mentality, determined by geopolitical situation and social, historical and cultural development of these countries. Some cultural myths and constants (such as “sebastianism”, “quijotism”, “saudade”, “agony”) are described as representations of the Philosophical Iberism.