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Madhyamaka ( Sanskrit: मध ् यमक, Madhyamaka, ; also known as Śunyavada ) refers primarily to a Mahāyāna Buddhist school of philosophy founded by Nagarjuna.

The school of thought and its subsidiaries are called " Madhyamaka "; those who follow it are called " Mādhyamikas ".

According to Madhyamaka all phenomena are empty of " substance " or " essence " () because they are dependently co-arisen.

Likewise it is because they are dependently co-arisen that they have no intrinsic, independent reality of their own.