Today, the phenomenon of myth remains for philosophers, sociologists, and history researchers one of the most discussed subjects in the humanitarian studies. However, working on the collective memory, the so-called Mandela Effect was revealed by journalists and scientists, and it cannot be fully compared with the mythologization of the past. Moreover, as it turns out, there are some other scientific ideas about false memory. In the connection with the discovered epistemological problem, it turned out to be relevant to clarify the very notion by analyzing the existing scientific concepts and to describe the boundaries of the studied phenomena. To complete this task, the author refers to the works of J. Assman, A. Megill, E. Loftus, A. F. Losev, R. Bart and other researchers. In particular, it was generally accepted that a myth within the boundaries of the collective memory is a complex construct, a pseudo-event that influences everyday life and the sensory perception of the world. A myth is often associated with the event contours that took place in the past; it contains their intentions. On the contrary, the Mandela Effect, is a collective memory error, a false memory formed through distortions in the system of social communications. Generally, the performed analysis shows that despite the existing institutionally presented verification mechanisms, the collective memory in itself does not strive for veracity of the loci that form it. Consequently, shared knowledge about the past and the past itself do not often coincide.