After giving a short summary of how this phenomenon first appeared in people’s conscience, I will present a number of possible American Dreams shedding light on its diversity. Then, through providing several examples of fulfilled dreams, I will focus on the 20th-century American Dream; at first, on the “traditional” or “old-fashioned” rags-to-riches stories, then on the “modern” variation of it. Just like anything in the world, the American Dream has undergone a number of changes throughout history; and these alterations can be attributed to several factors. Not only economy, society and people’s ways of thinking have become “more modern,” but the American Dream as well, the detailed discussion of which will be offered later.