The paper deals with some thoughts about the evolution of modern conservation policies in an attempt to answer the question - What is modern conservation. In the first part, entitled the Recognition of heritage, through the Theory of Restoration by Cesare Brandi and some of the international documents in the matter, the author indicates how the international conservation doctrine proposes to offer guiding principles that should be applicable in the different cultures. He concludes that modern conservation is necessarily based on the application of certain universal principles and on the recognition of the specific heritage significance at the local level. The second part of paper deals with issue of Values and significances with special emphasis on Outstanding Universal Value as the condition for the inscription on the World Heritage List. The third part of the paper provides an answer to the complex question - what is Modern conservation and claims that it refers to the policies and strategies of conservation and development of heritage sites that characterize the present-day heritage attitudes of the society. Some innovative moments in the process of the conservation of cultural heritage during the second half of the 20th century are pointed out and as a conclusion it is stated that modern conservation is infieri, i.e. in the course of execution. The challenge, on behalf of the international community, is to make sure that the doctrinal texts and principles are truly universal and capable of being applied in the local contexts. At the same time, it is the responsibility of each place and local community to recognize the specificity of its heritage, and to understand how this should make part of the integrated conservation within the culturally and environmentally sustainable development, avoiding the symptoms and misguided illusions offered by globalization.