The aim of this paper is to analyze which concept describes the central theme in Max Weber’s works — the rationalization processes — best: disenchantment, alienation, or anomie. I first describe how Weber’s rationalization processes were understood in the past. Most scholars have interpreted these processes as disenchantment, although some have seen a stronger affinity to the Marxist concept of alienation. Since the majority have regarded disenchantment as the central theme of Weber’s legacy, I discuss Weber’s rare statements about the disenchantment process, most of which appear in a speech that was published later as Science as a Vocation. I then introduce definitions of key concepts (Hegelian alienation, Marxist alienation, Durkheimian anomie, and de-magification) to provide a more varied and precise vocabulary. This will aid in describing at least two different rationalization processes that can be derived from Weber’s theoretical framework (Economy and Society) and his historical studies. The first, in the economic and political sphere, can be characterized as Marxist alienation, whereas the second, in the religious sphere, can be interpreted as de-magification and Hegelian alienation. It is possible to regard Weber’s statement in Science as a Vocation as a third rationalization process, in the sphere of knowledge production, which would suggest the concepts of de-magification and anomie. However, such a reading would seem to contradict the greater body of Weber’s methodological writings. Finally, it is concluded that the term disenchantment is not a very useful concept for portraying Weber’s intended view.