Von Balthasar's study The Theology of Karl Barth has long been regarded as a seminal work for the interpretation and reception of Barth. Recently its influence has been challenged by Bruce McCormack, who argues that the von Balthasar thesis of a conversion from dialectic to analogy occasioned by Barth's study of Anselm is inadequate. This paper seeks to show not just that there is more to von Balthasar's interpretation than McCormack allows, but also that von Balthasar's study of Barth had a profound influence on his own theological development. In particular, it argues that through his critical engagement with Barth's argument for the analogy of faith against the analogy of being, von Balthasar reassessed the importance of analogy for all theology. In turn, this had a formative impact on his own great trilogy, The Glory of the Lord, Theodrama and Theologic, all of which was based on a christological reading of the analogy of being. Thus, while McCormack may be right on Barth, he is wrong on von Balthasar on Barth.