Key words: eponymization, onimization, transonimization, signified, signifier, anthroponym, toponym, semanticization, desemanticization In the article, the perception of the linguistic reality of eponym in modern linguistics has been studied. On the basis of it the term eponym and the process of eponymization have been characterized and clarified. The study was conducted by comparative analysis. In the work, due to the need to solve the set problems, an examination and analysis of the linguistic observations of the concept of eponym has been performed. As a result, the proposed views have been grouped into three main groups: 1. the starting unit of the eponymization process is considered an eponym, 2. the word generated in the end result of the eponymization process is considered an eponym, 3. both sides of the eponymization process are considered eponyms – both the starting unit and the final word. It has been considered acceptable to use the term eponym only for the linguistic unit resulting from the process of eponymization, since theoretically all proper names can become eponyms. In the work, an attempt has been made to clarify the characteristics of the concept of eponym. Thus, it has been defined as a proper or common name, which emerged as a result of the semanticization or polyfunctionalization of the homonymous proper name. It has been noted that an eponym is a word created as a result of the process of eponymization, which has the primary function for a linguistic sign unit, i. e., to name the phenomenon by reflecting it in the system of linguistic sign units. For the process of eponymization, which has been considered beyond the limits of the change of lexical meaning, two main ways have been put forward: semanticization and polyfunctionalization of the proper name. The process of eponymization, which is related to the development of various social spheres that determine human activity, has been evaluated as an important means of enriching the vocabulary of the language, examination of which leads to the necessity for intercultural, sociolinguistic and interdisciplinary studies.