Centring on "words" which connect vocabulary and semantic morphemes, this book makes a systemic and in-depth analysis on the study of modern Chinese lexicology. Firstly, it clarifies the definitions and properties of vocabulary, words and semantic morphemes in Chinese. Then the structure forms of Chinese words are examined. It is worth noting that this research is one of the first to distinguish word formation and lexical morphology. It observes that word formation studies how neologisms are coined, while lexical morphology refers to the ways in which semantic morphemes are combined with each other. On word meaning and its clustering, it discusses the relationship between word meaning and concept, as well as the criteria and principles of the clustering. Specifically, it studies monosemes, polysemes, synonyms, near-synonyms, antonyms, etc., including their characteristics and types. Lastly, it explores the evolution of word meaning and its laws, as well as the dynamic form of vocabulary. This book will be a valuable reference for scholars and students in linguistics, especially in Chinese lexical studies.