This paper examines the polysemy of English nominalizations ending in the suffix "-ion" explaining it by metaphorical and metonymic extensions of the central meaning. The central meaning of "-ion" nominalizations is 'the action of V-ing'. Nominalizatons in "-ion" are abstract action nominalizations. Due to various metaphorical and metonymic processes, they can be used to refer to people, objects, places and time of the action, as well as to emotions. This study shows that metonymic use of "-ion" nominalizations is limited. Nominalizations of verbs which code the events close to the transitive prototype cannot be used metonymically. Only the nominalizations of actions in which the Patient is not drastically visibly affected by a momentary action of a volitional acting Agent can have metonymic use. Even the ones which can be used metonymically do not have equal status. Some can be used both referentially and predicatively, while others can have only predicative use. (Adisa Imamoviæ)