The Bhāgavata occupies a pre-eminent place not only among the purāṇas but also among the general scriptures of Hinduism on its own. It is a gospel of divine life and is not a textbook of systematic philosophy.
Its teaching has a theoretical as well as a practical aspect. The former is known as Brahmavāda and the latter as Bhāgavata-dharma.
The essence of Brahmavāda is that Brahman or Ātman is the only Absolute Reality. The whole universe, including our body, mind and ego, is only an expression in name and form of that Brahman. However, this view differs from pantheism in that Brahman does not exhaust himself in the manifestation of this universe. He is neither limited nor affected in any way by the phenomenal universe. And yet, he is both immanent and transcendent.
See also BHĀGAVATA.