The article is devoted to the modern continental philosophical theology, oriented to phenomenological-hermeneutical methods. Continental philosophical theology of the twentieth century brings into the question the concept of philosophical theology and justifies over again the possibility of a dialogue between philosophy and theology. We analyze the main directions of the treatment of this dialogue: the renewal of metaphysics in Catholic theology, in the works of K.Rahner, B.Welte and the overcoming of metaphysics in Protestant thought, in the works of K.Barth, H.Ott, W.Weischedel. In the works of Karl Rahner the question of the relationship between philosophy and theology is viewed as a metaphysical question about the nature of man. Bernhard Welte substantiates the possibility of thinking of God in philosophical theology by referring to the phenomenological description of the ways in which human can experience the meeting with God. We argue that the renewal of metaphysics in Catholic thought means that philosophical theology is understood as a special way of thinking, presupposing a rejection of the strategies of objectifying grasp; this way of thinking allows the Holy to appear, remaining completely non-objective. In Protestant theology, the project of overcoming metaphysics unfolds as a radical criticism of the traditional forms of combining philosophy and theology, demonstrating the incompatibility of the cognitive strategies of philosophy with Revelation and as an attempt in a dialogue with phenomenological-hermeneutic philosophy to return theology to its original task, that is, to think God from the event of His Revelation. The main conclusion of the article is that the possibility of philosophical theology in continental thought is associated with the transformation the ways of thinking of God, the transfer thinking into the mode of question, where the questioner himself is brought into the question.