Imaginal figures occupy a contested but generative position across the depth-psychology corpus, functioning simultaneously as clinical phenomena, philosophical concepts, and ontological challenges. Hillman provides the most sustained account: imaginal figures are the personified forms through which the psyche naturally articulates its multiplicity, distinguished from ego-fragments and best understood as daimones, genii, and mythical personae with their own logos, their own styles of consciousness, their own ethical claims. His archetypal psychology insists that these figures are not projections to be reabsorbed by the ego but autonomous presences demanding relation. Mary Watkins, as reported through McNiff, extends this into therapeutic practice, locating the articulation of the imaginal other as the very task of depth therapy. Corbin’s Islamic philosophy of the mundus imaginalis supplies the cosmological ground: the imaginal is a genuine ontological register between sense and intellect, populated by beings of their own order. Against this consensus, Giegerich mounts a rigorous philosophical critique, arguing that imaginal psychology’s positing of figures as quasi-substantial beings perpetuates an ontological naivety, reinstating the ‘natural’ prejudice of positive existence even while disclaiming literalism. This tension—between the therapeutic and philosophical affirmation of imaginal figures and the demand that psychology think beyond the image—constitutes the deepest fault line in contemporary Jungian and post-Jungian thought.