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A large number of organizations depend on the business‐critical information systems for their daily activities that have been developed over the last two decades or more. These systems are called Legacy Information Systems (LISs). They mostly run on old software and hardware technology tools and environments. They are hard to modify, expensive to maintain and difficult to integrate with new technology tools and programs. They need to be evolved into modern environments. The LIS modernization is a long outstanding problem of the IT community. This paper presents a classification of current approaches to this problem and suggests guidelines and a methodology for an optimal solution based on many years of professional experiences of the authors in this area. Parts of this methodology have been implemented and tested in many migration projects and they have proven to be effective. This approach …