The paper focuses on metonymy and the recent literature on this cognitive mechanism. The author reviews the various approaches to metonymy and suggests a new taxonomically accurate approach. The author assesses theoretical approaches to metonymy, compares the interpretation of related terms such as ‘contiguity’ and ‘adjacency’, and stresses the need to set limitations in terms of describing cognitive notions. Next, he reconsiders the concepts of propositional and situational metonymy, working towards a critical evaluation of these concepts.