This chapter analyzes the origin and meaning of the notion “esoteric Buddhism” as it was used in the early Theosophical Society, especially in the work of Helena P. Blavatsky and Alfred P. Sinnett. Both Sinnett and Blavatsky primarily conceptualized Buddhism in relation to the notion of an esoteric doctrine, while scholars of Buddhism disregarded the existence of any esotericism in Buddhism. Based on an analysis of the debates about “esoteric Buddhism,” this chapter shows how differences between Orientalists and Theosophists can be contextualized in their specific imaginings of Buddhism and also in their receptions of Buddhism.