What is the relationship between legitimation and institutionalization? We take a fresh look at a more complex and nuanced landscape than has previously been documented. Our approach is to view legitimation and institutionalization as separate, though related, processes. We engage in theory building to develop a typology suggesting four different ways in which the social construction of reality can be achieved: instantiating (mutual causal emergence, coming into being), realizing (legitimating toward institutionalization), aspiring (legitimating from institutionalization) and missing (mutual causal suppression, unrealized potential). Our typology contributes a new foundational framework for the sociology of knowledge for better explicating socially constructed reality, not only in periods of stability but also in the uncertainty of liquid times and states.