This paper aims at studying Nagarjuna's approach on the question of God's existence. The study reveals that resorting to theological views such astheism, atheism, agnosticism and pantheism cannot present a correct understanding of God's existence from Madhyamika's perspective. By making a critical analysis, Nagarjuna attempts to reach an idea of a personal God that the public have. This paper tries to systematize Nagarjuna's arguments with a method of philosophy of religion. Unlike what is believed, Madhyamika's real approach on the existence of God is neither monotheistic nor atheistic; because this school accepts neither the statement "there is God' nor the statement "there is no God'.