There is presented a physical interpretation of Keldysh's calculations of laser-induced ionization of solids. The aim of our considerations is to understand the generality of Keldysh's formula for ionization rate and to determine the area of its validity. In particular, we show the sensitivity of the ionization rate given by Keldysh's formula to the details of the band structure. In that connection we discuss the applications of Keldysh's formula to interpretation of experimental data on laser-induced ionization of solids.