The article deals with the problem of linguistic and extralinguistic context in the process of translation activity. Such linguistic concepts as the principles of translation and the theory of untranslatability are described in the article. Such terms as linguistic context and extralinguistic context are defined as well. It is indicated that translation activity has influenced not only the linguistic sphere of human life, but the development of all areas of science and culture of different peoples either. The special importance of the extralinguistic context in the course of translation from one language into another is emphasized. The authors conducted an empirical study where the first-year students of the Kryachkov Novosibirsk State University of Architecture, Design and Arts took part. During this experiment it was found out that if extralinguistic information is perceived improperly, the translator may make such semantic error as an incorrect interpretation of the psychological portrait of the main character. In the future it may influence the quality of the translation of textual material.