The present paper addresses the question whether any modern approach to reconstruct the phonology of a dead language such as Egyptian that is handed down only in written form can achieve more than merely speculative results. After a short overview of the areas of phonology and of theoretical approaches, the major works on Egyptian phonology are introduced diachronically and their theoretical foundations outlined. In the next chapter the limits and possibilities of reconstructing an Egyptian phonology are discussed with certain caveats. As the usual way of presenting the phoneme-system in Egyptian grammars is limited to grapheme-phoneme-identification lists, some specific issues are treated in detail. A further chapter tries to show that phonology might have bearings beyond the said lists. The final chapter discusses future areas of research and the question of how Egyptian phonology might relate to teaching Ancient Egyptian and Coptic as well as how Egyptian phonology might be presented to a specific readership.