We revise the method proposed some years ago to evaluate the luminosity function of cosmic Gamma‐Ray Bursts on the basis of the log N‐log Pbehavior, wherePis the peak intensity. The method is valid in the hypothesis that a correlation between the intensity and the peak temperature (energy spectral hardness) exists as suggested by various authors. We believe that in the near future it will be possible to test the method in a conclusive manner using the results of recent space missions (like GRO, Granat and Ulysses).