The article is devoted to the Note Crisis in Finno-Soviet relations in 1961 and its impact on the foreign policy of neutrality conducted by Finland. Considering the grounds of the crisis, author examines the main bearings of domestic and foreign policy of Finland on the threshold of the crisis (1958-1961). The main accounts of the crisis provided by the Russian, Finnish and Scandinavian politicians and historians are analyzed in the article. Author resorts to the theory of Nordic Balance as the most exemplary approach to understanding of the nature of foreign policy of Great Powers in the North of Europe.