Nowadays the attitude to private property in people’s mind and its constitutional regulation has significantly changed. There are no more definitions of private property as sacred and inviolable. The exception is Article 17 of the French Declaration of the Rights of Man and of the Citizen of 1789 that is considered as a part of nonconsolidated Constitution of France (‘le bloc de constitutionnalité’). There are new approaches in regulating the institution of private property institution in constitutional law; they are referred to the economic and social justice, as well as to the social function of private property. The legitimacy of its nationalization in the interests of society and the state is recognized, but some restrictions are imposed. Each form of property has its own legal regulation in the constitution. Even in those states where totalitarian regime still takes place the attitude to private property has been changed as well. There are no any prohibitions on private property in those countries. On the contrary, constitutions include provisions of its existence and high use. This imperative approach to the regulation of property rights in constitutional law is significantly different from the legal regulation of the ownership institution in civil law. The article covers the evolution of the legal status of private property and its legal regulation under modern conditions; the original absolution of private property in the interests of social layers, winning bourgeois revolutions in XVII−XVIII centuries considering the forms of subsequent restrictions on this right.