Today’s discussions concerning metonymy abound in distinctions that may be far from obvious for those who would like to get acquainted with the major achievements and directions of research in this field. That is why the article aims to trace the path that metonymy has covered within Cognitive Linguistics from its initial characterisation in the publication by Lakoff and Johnson (1980) to the present day. The article attempts to provide a general historical perspective on the phenomenon trying to indicate and discuss both the major trends as well as the consecutive stages in the development of the cognitive thought on metonymy. The author identifies different directions of expansion of the phenomenon, enumerates different types of metonymy, and its most frequently discussed dimensions. The article is concluded with an attempt to summarize the key elements of progress that has been made in understanding metonymy since 1980.