The jurisprudence of reality (fiqh al-wāqiʿ) represents a new trend in the contemporary Islamic discourse that aims to provide a suitable and legitimate framework for the actualization of Islamic renewal and the guaranteeing of authentic Islamic modernity. Muslim scholars have portrayed it as essential for the construction of a new dialectical relationship between texts (naṣṣ) and contextual reality (al-wāqiʿ) as well as the elaboration of a new modern jurisprudence relevant for the modern times and responsive to the needs of contemporary Muslims. In my paper, I intend to analyze the ways the jurisprudence of reality is theorized in contemporary Islamic thought. What kind of genealogy have Muslim scholars constructed for the jurisprudence of reality and how have they situated it in the broader mosaic of the contemporary Islamic reform? What part of the tradition have they mobilized to conceptualize the modern structure of the jurisprudence of reality? What notion of reality have they displayed and what traditional legal mechanism have they invoked in their articulation of the jurisprudence of reality? The paper argues that the contemporary articulation of reality (al-wāqiʿ) constitutes a shift in focus and content compared with the traditional Islamic discourse on the topic. Whereas the classical discussions on the notion of reality tend to be mainly focused on the epistemological, the ontological, and the metaphysical aspects of the issue, contemporary discussions tend to discuss reality only in relation to its relevance for practical and imminent concerns related to the Islamic call and renewal. The paper identifies four principal ways in which the jurisprudence of reality is conceptualized in contemporary Islamic thought. They can be described as the theological, the reformist, the political, and the legal approach. The paper gives a detailed account of each of these approaches and highlights their particularities and limitations. In terms of its role in contemporary ijtihād, the jurisprudence of reality refers to the modern phenomenon of the creation of new legal subfields for the purpose of justifying and regimenting the use of utilitarian modes of juristic reasoning. In this context, the jurisprudence of reality consists in bringing novel legal development through subdivision, readjustment, reorganization, expansion, or restriction of classical Islamic legal frameworks and structures. In the new legal subfields, the contextual and utilitarian considerations are invested with an unprecedented role and power to limit, suspend or circumvent, in their name, the import of traditional legal rulings.