The chronicle of Rabbi Elijah Capsali (ca. 1483–1555), which concerns itself with the history of the Ottoman Empire, turns up as a subject for discussion from time to time. Capsali, rabbi of the Candia community in Crete, wrote the chronicle entitled Seder Eliyahu Zuta during the plague of the spring and summer of 1523. It is divided into four parts and 166 chapters and includes an introduction in which he explains the reasons for writing it and mentions his sources. As yet, however, the importance of this chronicle has not been sufficiently emphasized. The interpretation presented by Uriel Heyd at the Sixth Turkish History Congress held in Ankara in 1961. dealt with a number of aspects such as the sources of Capsali and Jewish references in the text, but only in their most general form. In this paper I examine the importance and limitations of the chronicle more thoroughly.