There is a significant number of texts containing such calendar festivals as Tsagaan Sar, Urs Sar, Zul, Myadr, Ova and others in Kalmyk folk tradition. Several texts of the Kalmyk Legend of Okon Tengri, a celestial maiden who saved people from mythical creatures - Manguses as well as the legend about the Zul festival were preserved there. The comparative study of the Oirat legends that are popular among the Oirats from Xinjiang and the Kalmyks from Russia showed that these legends have both common motifs and distinctive elements. The theme of such religious holidays as Tsagaan Sar, Zul and Myadr reveals the beauty of the Buddhist world which fills up souls of people with joy and warmth. According to the Buddhist canons there are anguish and happiness that follow together, they are inseparable fellows of a man. There is also a popular belief that the origin of the Victory Day comes from the legend about Okon Tenger, who won the battle against evil Mangus and brought happiness and victory to people who afterwards called this day - the Day of Victory. Nowadays it is commonly known to all Mongol-speaking peoples as Tsagaan Sar, a holiday that celebrates the end of winter and arrival of spring. The legends about this holiday are prevalent in the areas inhabited by the Oirats. Along with the legends on Tsagaan Sar, there are some other legends devoted to such Oirat holidays as Zul, Myadr and Ova. Though these legends have much in common, they differ by their locality of traditions. For instance, Mongol-speaking peoples have different ways of celebrating Zul, regarding time and ritual observance. The legends associated with the celebration of Zul can be heard from older-generation representatives as well as from the clergy of Kalmyk Khuruls. At the same time, it should be noted that the legend of the «Urs Sar» holiday is not known in Xinjiang. Thus, the legends are a unique folklore stratum of Mongolian peoples.