The paper focuses on the theoretical issues of linguacultural studies / cultural linguistics / ethnolinguistics. The methodological aspects of revealing key cultural concepts in general and words of the year in particular are viewed. The quantitative and qualitative characteristics of the words of the year, determined within the Ukrainian linguacultural space, are analysed. Such Ukrainian words of the year as EuroMaidan, cyborg, blockade, corruption, visa-free travel are under analysis. Conclusions are made concerning the main problems of linguacultural studies / cultural linguistics / ethnolinguistics, as well as approaches to the detection of key cultural concepts and words of the year. Thus, an application of the frequency criterion allows to create a list of candidates for evaluation by experts or public; the frequency of words of the year should be compared with the frequency of neologisms, which makes it possible to predict the limits of frequency, detect candidates for the word of a year, taking into account so called important parts of the texts, as well as appearance of such words within hashtags, verbal parts of mems, cartoons. Ukrainian data shows, that the frequency of such words usage does not always correlate with announcing them words of the year. Not all words of the year have derivative potential. The conceptual content of such words increases, they are used metaphorically and become components of transformed phraseological and other types of intertext units; they are used as proper names. Creation of the new synonymic and antonymic relations is the optional characteristics of the studied words of the year.