This book is devoted to the fundamentals of the word theory and of the main problems associated with English vocabulary, its characteristics and subdivisions. This course of Lexicology which forms a part of the curriculum for the English sections of linguistic departments of teacher-training colleges is intended not only for students of the third year of the day department, but also for home study school.  It includes 12 chapters which cover the main themes of 30 lectures of Modern English lexicology: wordbuilding, semantic changes, phraseology, borrowings, semasiology, neology, lexicography. The material includes topics to be discussed, test questions and lexical units to be analyzed. Lexical units for the analysis were chosen mainly among neologisms.