Gods, Heroes, and Myth: World Mythology
This site is primarily a source for mythologies of various lands...also called religion. Many people have different definitions of what Mythology really is. "Mythology is known as the body of myths of a particular culture, and the study and interpretation of those myths. Myth may be broadly defined as a narrative, that through many retellings, has become an accepted tradition in a society. (1)" If this is the true definition of mythology, why then do not some our stories from today fit into this category. You do not hear people talking about the american Mythology, excluding of course the Native americans which have a very wide spectrum of tales.
Myths typically occur in every culture all around the world. Many of the old stories came to have been created much earlier than even writing was invented. Many of these stories were passed down orally from one person to the next through lessons or even story tellings. Myths dealt with various aspects of a culture, some were meant to simply tell a story, most had a deeper meaning hidden within the tale for the listener/reader to consider.
The three most common types of tales are sagas (somewhat based on a great historical event), legends (fictional story associated with a historical person or place), and folk tales (usually simple narratives of adventure). We today, view these as great stories, but people many many years ago viewed them similar to what people here consider a bible. There are scholars who believe that because these myths typically involved gods and supreme beings, that it was a dimension of a religion.
Source: (1) Encyclopedia Britannica