This paper aims to discuss a model of grammar called ‘Two-Cycle Model of Grammar’ and points to its relevance to a general translation theory as well as to the actual practice of translating. The paper makes a comparison of linguistic and translation models on the point of the lexicon and meaning they envisage and employ. The author uses a slightly revised form of a model of grammar called ‘TCM’ (Two-Cycle Model of Grammar). He concentrates on its lexicon and tries to show that the organization of this lexicon in itself is dynamic and that the meaning of the various lexical items is dynamic too. Finally, the paper discusses the relevance of TCM for the theory of meaning, terminology, the theory of translation, and the actual practice of translating.