This paper aims to read “The Dead,” the last story of James Joyce’s Dubliners, in the light of Mikhail Bakhtin’s concept of ‘Carnival,’ and to trace the process in which the protagonist Gabriel Conroy experiences the collapse of his egocentric identity and then spiritual awareness during the annual party held in his aunts’ home. The story is defined by a series of verbal actions and reactions between the self and the other, reminding the reader of the concept ‘Carnival,’ in which the upper class is subverted by the lower class with the result of ‘gay relativity.’ In a very regular, hostile and pleasant party hosted by the Morkan sisters, Gabriel’s aunts, the masters and mistresses are rebutted by a house maid, the pro-British attitude by the Irish nationalist attitude, male by female, the living by the dead, and the concept of tradition, which Gabriel most emphasizes in his speech, by the caricature of its perennial repetitions. The group aspects of the party are also challenged by the personal aspects of the central character, who becomes continuously skeptical of his identity. Among the retorts rattling throughout the procession of the party, the love story of Gretta, Gabriel’s wife, whose lover died long ago at the age of seventeen confessing his love to her in heavy rain, is most crucial to the collapse of his identity. It forces him to reflect on his marriage life as a whole and recognize the lack of ‘true love’ as the most significant influence on the cataclysm of his identity. In brief, the diverse conditions of the party in the story of “The Dead” represent attributes of Bakhtin’s ‘Carnival’, enabling the voices of the other, which have been thus far oppressed in the shades of history, to retrieve their power to subvert the relatively weakened voices of the self, reconsider their conscious or unconscious oppression of the other, and create a New World with the snow falling faintly upon all the living and the dead.