The paper focuses on the metatextual features of modern Russian joke. For this purpose, we outline three functions of metatext: analysis, organization, and manipulation of language or text. Russian joke employs all these functions but it is very productive in manipulation of standard (conventional) linguistic, discursive devices for providing criticism and / or parody of the world and language itself. Its repository of metatextual devices is very rich and powerful, e.g. presenting non-conventional definitions, playing with motivation of word formation and connotative meaning, up to the violation of discursive devices like zeugma, chiasm, implication, presupposition, contamination of texts, etc.