The Revolt of 1857 is a pivotal event in Indian history, and its characterization as either a 'Sepoy Mutiny' or the 'First War of Independence' reflects differing interpretations of its causes, nature, and significance.

Those who label it a 'Sepoy Mutiny' emphasize its origins in the grievances of Indian soldiers (sepoys) in the British East India Company's army. The immediate trigger was the controversial greased cartridges, perceived as an affront to both Hindu and Muslim religious sentiments. Proponents of this view highlight that the revolt began as a military uprising, lacked a unified national leadership, and was largely confined to North and Central India. They argue that many princely states and segments of the population remained loyal to the British, suggesting it was not a widespread national struggle but a localized military rebellion.

Conversely, the 'First War of Independence' perspective, popularized by figures like V.D. Savarkar, argues that the revolt was a much broader movement driven by deep-seated resentment against British rule. It points to the participation of various sections of society beyond just sepoys, including peasants, artisans, and dispossessed landlords, who were suffering from economic exploitation, social reforms, and political annexation policies. The attempts to restore the Mughal emperor Bahadur Shah Zafar as a symbolic leader, and the widespread anti-British sentiment, are cited as evidence of a nascent nationalist consciousness aiming to overthrow foreign domination.

In reality, the Revolt of 1857 was a complex phenomenon that contained elements of both. It began as a mutiny but quickly transformed into a civil rebellion in many areas, fueled by diverse grievances. While it lacked the characteristics of a modern nationalist movement, it undeniably represented a significant challenge to British authority and sowed the seeds for future independence struggles. Thus, it can be seen as a 'Sepoy Mutiny' that evolved into a widespread popular uprising, laying the groundwork for what would later be termed the 'First War of Independence' in the nationalist narrative.