This article examines the contemporary phenomenon of raves. Although explicit religious references abound in rave culture and also in scholarly interpretations of raves, these references are generally analogous and avoid direct mention of “religion” proper. In this article, we apply the theory of displacement of religious experience and the sacred to draw out the structural and phenomenological religious homology of raves and set the study of this youth phenomenon and the subculture which surrounds it firmly within the field of religious studies. We also propose avenues for further investigation. The article begins with a brief history and definition of “rave.” Then it turns to the symbolic and religious references found in raves as well as the meanings both participants and commentators attribute to this phenomenon. Third, it presents and discusses the ritual structure of rave, using the theory of the mechanism and dynamics of the transgression-fuelled festal ritual (la fête), as defined by Georges Bataille. Its purpose is to contribute to an understanding of how contemporary religious economy develops, particularly a religious economy that concerns a now largely secularized youth.