This paper examines shared ideas, values and interpretations of the past in the “collective memory” of the 1917 October Revolution. Employing a qualitative approach to examine collective memory “from below,” two age cohorts were interviewed in three Russian cities from a variety of social groups in 2014–2015. What was revealed was the existence of a strong positive myth about the pre-revolutionary era of 1900–1914, as well as positive references to the current Putin era. Both eras were “positive” in that Russia was/is a “normal European power,” “on the rise economically” and “respected by the other powers.” In terms of the definitive national trauma, an overwhelming majority viewed the 1917 October Revolution as a break or rupture in Russian history that caused appalling destruction. This view of 1917 as catastrophic leads to certain key “lessons”: that revolutionary change is inherently destructive and wasteful and that external forces had (and have) a vested interest in weakening Russia from without whenever she is at her most vulnerable. Overall, at the heart of myths over 1917 we find a central occupation with the threat of disintegration and a yearning for stability and normality, highlighting how collective memory interacts with political values and social identity.