The article analyzes the literary life of the poem «Kutadgu bilig» («Blessed Knowledge») by Yusuf Balasaguni (11th century) and the changes in its literary fate that were made by its Russian poetic translation by S.N. Ivanov, its features are investigated. The poem «Kutadgu bilig» ranks among the largest works of world litera-ture of the Middle Ages, containing such spiritual and moral values that are conceptually connected with the history and modern life of the peoples of Eurasia, including the peoples of Russia, therefore, the study of this monument in various aspects and forms of its existence is an important scientific task. The work uses methods and approaches characteristic of Russian classical oriental studies and the Russian school of poetic translation. The range of literary sources includes works by domestic and foreign authors of the 19th-21st centuries, as well as various Internet resources. The result of the study can be considered the conclusion that the Russian poetic translation of Yusuf Balasaguni's poem, made by S.N. Ivanov, radically changed its literary fate: from a dead text in a dead language, it turned into a living and active element of the cultural and scientific life of mod-ern Turkic peoples and modern Russian society. It can be argued that the specified translation by S.N. Ivanov makes an invaluable contribution to the theory and practice of literary translation, offering scientifically based solutions to the most difficult issues of poetic translation of medieval Oriental poetry.