In this article, I compare two positions – emergentism and panpsychism, in relation to the problem of the nature of consciousness. I analyze arguments offered in support of both positions and undertake to question them. I focus on panpsychism as the less known and more controversial position. Panpsychism and emergentism are considered “metaphysical hypotheses”. Finally I propose emergentism as a preferable position in view of the fact that it is impossible to defend panpsychism as a coherent position, compatible with science.