This article considers the philosophical interpretation of virtual reality. It deals with the technocratic and ontological approaches to the definition of this phenomenon, found both in Russian and foreign literature. A close analysis of the existing material on the basic characteristics of virtual reality as well as its distinctive properties, both featured in each of the aforementioned approaches, shows that, considering the present development of the sociophilosophical thought, the notion of virtual reality has not yet been fully elaborated. First of all, the stated theories of virtual reality do not define the role of the subject in constructing virtual reality, which constitutes a significant drawback, while the subject himself affects the formation and functioning of the given reality. Secondly, the approaches under study define virtual reality as an artificial environment created with the help of technology, or as pseudo-existence, which steals focus from the fact that virtual reality does, in fact, exist within the boundaries of social reality. By right of the given theoretical shortcomings, the conclusion of the article presents the author’s view of virtual reality as a particular sphere of social reality, created by the agent in order to seize one’s potential opportunities as well as expand one’s social interaction zone.