Lexical models diverge on the question of how to represent complex words. Under the morpheme-based approach, each morpheme is treated as a separate unit, while under the word-based approach, morphological structure is derived from complex words. In this paper, we propose a new computational model of morphology that is based on graph theory and is intended to elaborate the word-based network approach. Specifically, we use a key concept of network science, the notion of shortest path, to investigate how complex words are learned, stored, and processed. The notion of shortest path refers to the task of finding the shortest or most optimal path connecting two non-adjacent nodes in a network. Building on this notion, the current study shows (i) that new complex words can be segmented into morphemesthrough the shortest path analysis; (ii) that attested English words tend to represent the shortest paths in the morphological network; and (iii) that novel (unattested) words receive higher acceptability ratings in experiments when they are formed along established optimal paths. The model's performance is tested in two experiments with human participants as well as against the behavioral data from the English Lexicon Project. We interpret our empirical results from the perspective of a usage-based model of grammar and argue that network science provides a powerful tool for analyzing language structure.