This paper examines the intertextual metamorphoses between Perrault`s version of "Little Red Riding Hood" (1691) and Carter`s version "The Company of Wolves" (1979), and the intratextual metamorphoses of the two main characters, the girl and the wolf, in Carter`s tale. Since its beginning as a warning tale about attacks by animals and human predators in the late Middle Ages, "Little Red Riding Hood" has gone through numerous metamorphoses. Perrault`s version is a transformation of an oral folktale into a literary tale catering to the tastes of an upper-class female audience. Among various reworkings of Perrault`s canonical tale, Carter`s transformation, as a part of her "demythologizing project" subverts the dominant cultural inscriptions of gender and sexuality that Perrault`s tale upholds and passes down to its following generations. Based on the assumption that textual metamorphosis informs thematic metamorphosis, I argue that Carter`s transformation of Perrault`s version converts repression of female sexuality into its affirmation and transforms Little Red Riding Hood from a passive victim into a "wise" girl with agency to tame the wolf. "The Company of Wolves" counters the ideologies of sexuality and gender roles in patriarchal society where the man as the subject controls and consumes the woman as the object and suggests an alternative way of looking at sexuality and gender in which both parties` sexuality and desires can be mutually appreciated and fulfilled.