This article aims to examine the goal of the political activities of the Egyptian Muslim Brotherhood under President Mubārak's 'democratization,' by analyzing the Reform Initiative of the Muslim Brotherhood (Mubādara al-Murshid al-'Āmm li-l-Ikhwān al- Muslimīn hawla al-Mabādi' al-'Āmma li-l-I.slāh fī Mi.sr) published in March 2004, under the leadership of the General Guide Muhammad Mahdī 'Ākif. After the severe attack by Nasser regime in the 1950s-60s, the Brotherhood succeeded in reestablishing itself as the major Islamic movement in Egypt in the 1970s. Although the Brotherhood revived as a de facto political force, the government never lifted its illegal status for fear that it might rise as a new political competitor. As a result, its socio-political power has been limited. The Reform Initiative, which I will analyze in this article, aims to reform Egypt comprehensively and serves as the framework of the Brotherhood's activities. The goal of the Brotherhood's current political activities is to realize the ideas of the Reform Initiative, which demonstrates its attempt to overcome the organizational constraints stemming from its illegal status. Whether the Brotherhood will be legalized or not is one of the most important issues in the Egypt now, and will infl uence the future of Egyptian politics.