Among all the thinkers from the history of philosophy which Heidegger discusses in his confrontation (Auseinandersetzung) with Western metaphysics, it is undoubtedly Schelling who receives a very special role, most of all in paving the way for what Heidegger himself calls a “new beginning” (Heidegger, 1936, p. 4) or “other beginning of thought” (Heidegger, 1936–1938, p. 4). This chapter sets out to clarify this special, transitory position which Heidegger ascribes to Schelling in the historical process of an “end” of metaphysics, that is, the process of its “overcoming” (Überwindung), or rather, its “recovery” (Verwindung) (Heidegger, 1919–1961, pp. 414–416). More specifically, the paper intends to show that Heidegger’s overall take on Schelling is less univocal and consistent than one might think. Not only does Heidegger’s understanding of Schelling significantly alter over the course of his repeated discussions, spanning from 1927 to the 1950s. Rather, also within certain texts, Heidegger’s presentation of Schelling appears to be fairly volatile. Accordingly, the following chapter intends to outline a panorama of the multiple positions Schelling takes within Heidegger’s reading of the constellation of an end of metaphysics. In doing so, the paper also incorporates some material that has only recently, or not yet at all, been translated into English, namely, the notes to the first 1927 seminar (Heidegger, 1927–1957), the 1941 seminar (Heidegger, 1941), and Heidegger’s late notes on Schelling from the 1950s (Heidegger, 1927–1957).