The article reveals two translation methods by Russian poets K. Balmont and V. Brusov. The variety of the genres of Balmont's works allows us to say that Balmont's translation method contains the following features: a transformation of the form of Shelley's works, a free attitude to the original, and a retelling of the translated work. Valery Brusov followed the literal method of translation. K. Balmont's method often saved the work's form and content. The difference between the two translation methods by Brusov and Balmont can be seen in the example of translations of P.B. Shelley's sonnet «Ozymandias». The article presents examples showing Balmont's multi-faceted translation method, which doesn't reduce the loose translation of the Ballad.