Hegel’s philosophy had a decisive role in the development of Eugen Fink’s thought, by suggesting the conceptual means to elaborate a third phenomenological paradigm beyond Husserl and Heidegger. In particular, this applies to the cosmological ontology that Fink developed after World War II, aimed at overcoming metaphysics while combining ontology with the rigorous method of phenomenology and a cosmological interpretation of being. In this regard, Hegel appeared to Fink as the first Western philosopher who had conceived the ground of beings without basing on ontic models, that is, as dynamical genesis of the structure of the world and human experience. The aim of the paper is to deepen Fink’s interpretation of Hegel’s philosophy and to show how (and to what extent) Hegel is not a metaphysical thinker in this perspective. What is Hegel’s conception of being? Fink’s work Sein und Mensch provides responses to this question.