The theoretical question of what makes texts “literary” has a long tradition in literary studies. At the level of concrete individual encounters/transactions between readers and texts, literariness has been shown to reflect how actual readers pre-categorize, approach, and process texts. Literariness has been approached from three different angles: the study of formal and semantic features of literary language, which dates back to the formalist beginnings of the concept; the study of literary reading modes and the generalized literary categories in which they are grounded; and the study of actual reading experiences. We argue (1) that these three aspects are mutually dependent and, in fact, constitute three sides of the same coin and (2) that different texts and genres instantiate distinct literariness profiles, that is, distinct ‘literarinesses’ in the mind of the reader—what makes a text literary differs between text types. Building on previous work in linguistics, literary studies, psychology, and stylistics, we discuss the cognitive implications of these two central claims for the reader. We also integrate our approach with extant research on genre-specific profiles and develop a set of ideas for future research in this field