The article is addressing one of the central but maybe the most ambiguous and multilayered concepts of Husserl’s phenomenology. Husserl’s insisting on a form of intentionality that implies not just conscious directedness towards objects, but also a constitutive function of mental acts, led to some serious accusations of his (not only transcendental) idealism and solipsism. Justification of such accusations depends exclusively on whether we understand constitution in an ontological sense, as a creative process which brings worldly entities into being, or in an epistemological sense, as a process which enables us to identify and to interpret a particular givenness as something. In early stages of phenomenology, a so-called “hylomorphic” theory of constitution prevailed, which stated that object of our experience can be present for us only if some sense-data (hyle) is formed in our intentional acts by a meaning-giving component (which Husserl called morphe in his Ideas I). This theory proved to be unsatisfying when Husserl turned to a phenomenological description of temporal objects, discovering that not just objects, but also intentional acts have a distinct temporal structure. However, the analysis of temporal constitution reaches even further, because the idea of the “living present”, and its triadic structure of retention-primal impression-protention, holds the key to an explanation of horizon-intentionality, and offers the answer to an essential transcendental question: How is it possible for us to be aware of the world towards which all of our intentional life is directed, and from which all of the motivation for our actions originates?