This article focuses on the question of whether the doctrine of the real presence of Christ's body and blood, and likewise the doctrine of the real absence of bread and wine, can be defended philosophically. It argues for an affirmative answer, and does so by considering a variety of metaphysical models, including that of Aquinas. It will appear, thus, that transubstantiation is a philosophical possibility. If it is possible for two substances to be in the same place at the same time, consubstantiation will be a philosophical possibility as well. Of course, the question of actuality is a theological one.