This chapter begins with a brief reconstruction of Lukács' theory of reification, then goes on to consider the theory's critical reception by Theodor W. Adorno, Jürgen Habermas and Axel Honneth. The author focuses on the critical reservations of these main representatives of the three generations of critical theory on Lukács' theory, while also briefly referring to their attempts to preserve its true core. The chapter culminates in a broad assessment of the Frankfurt School's critique of the theory and an attempt to determine the lead that a contemporary update should take.