The aim of the research is a three-level (archetypal-initiatory, analogical, discrete) interpretation for the analysis of literary texts, mainly utilizing the methodology of mythologism, and carrying out a comprehensive understanding of high artistic works of Ukrainian diaspora literature of the 20s–50s of the 20th century based on literary poetic and prose texts of the modernist era by artists of the Ukrainian diaspora: Ivan Bahryanyi, Vasyl Barka, Yevhen Malaniuk, Oleh Olzhych, Todos Osmachka, and Ulas Samchuk. The article reveals the essence of modernism in Ukrainian diasporic poetry and prose of the mid-20th century. It is proven that diasporic Ukrainian modernism developed in the context of the world literature of its time and raised national issues that were poignant for Ukrainians and Ukraine. Based on the literary texts of Ukrainian diaspora literature of the mid-20th century, proper conclusions and reasoned conclusions were made, and it was appropriately argued that contemporary Ukrainian mega-modernism in our national literature grew on the ground of modernism, primarily the modernism of Ukrainian diaspora literature. The most optimal methodology for analyzing Ukrainian diaspora literature of the modernist era turned out to be the methodology of mythologism, although hermeneutics and comparativistics should not be disregarded hastily.