Model-Driven Engineering (MDE) introduced the notion of metamodeling as the main means for defining modeling languages. As a well organized engineering discipline, MDE should also have its theory clearly defined in terms of the relationships between key MDE concepts. Following the spirit of MDE, where models are first class citizens, even the MDE theory can be defined by models, or so called megamodels. In this paper, we use Favre’s megamodel that was already used for defining linguistic metamodeling. Starting from the premise that this megamodel can also be used for defining other MDE concepts, we use it to specify the notion of ontological metamodeling. Here, we show that in order for this megamodel to be able to fully capture all the concepts of ontological metamodeling, some refinements should be applied to its definition. We also show how these new changes are in the same direction with the work of Kühne in defining linguistic and ontological metamodels.