In this lecture I have three aims in view. First I shall review some of the main points of the theological theory of virtue in its classic medieval form, and consider how the same theme has been taken up in protestant ethics, sometimes in a constructive, sometimes in a negative tone. Second I wish to present my grounds for believing that arguments put forward in protestant ethics against any theory of virtue are insufficient, and to indicate why I hold that protestant ethics too needs an elaborated theory of virtue. Then finally I shall try, at least sketchily, to indicate the direction in which I feel such a theory could be developed.