The article discusses “Word of the Year” phenomenon in the English and Russian languages. The analysis is based on the data of modern sociolinguistic phenomenon – “Word of the Year” campaign. The author employs descriptive and comparative data processing methods for the period 2016–2020 from the portals of British English-language explanatory dictionaries Cambridge Dictionary, Oxford Dictionary, Collins Dictionary as well as Yandex Internet portal Pushkin State Russian Language Institute, Expert Council of the Center for Creative Development of the Russian Language headed by Mikhail Epstein. The article aims to find out whether a particular word, word of the year, as a linguistic unit, can reflect the essence of the annual life cycle of a country, and as a lexical unit – determine the linguistic aspect, actual impact on the language. Based on the analysis of acquired data, the author presents a table with classification of words of the year into conceptual milestones that indicate the important areas of social life – economic-political, sociopolitical, socio-psychological, environmental, healthcare, post-pandemic, entertainment and recreation, where the semantic field of words of the year must reflect the events in the corresponding sphere. The conclusion is made that “Word of the Year” as a linguistic unit convey the conceptual identity of annual cycle of the particular society or language, by creating new set expressions and mainstream words with semantic increment; while as a lexical unit – shapes semantic dominants, determines linguistic aspect by replenishing lexical resource, and has impact on the language. Words of the year not only reflect the crucial political, economic, sociocultural events and phenomena that take place in social life during a particular time interval, but also set new, significant elements of linguocultural worldview mobile in a constantly changing semantic system of the language.  
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