This article deals with the author's interpretation of the Freudian concept of penis envy. Penis envy is viewed as a psychological phenomenon rather than a biological phenomenon characterized as the "bedrock of feminity." Based on his experiences as a psychoanalyst, the author states that penis envy involves the child's early identifications with the mother, the resolution of the oedipal conflict, and that which is unresolved in the oedipal conflict. The concepts of internalization and object representation lead to a modified understanding of psychosexual development in both sexes. How much a child is loved by the mother at each stage of development basically determines the extent of love of self in later life. This concept is neglected in Freud's work with the early mother/child relationship. The author praises the feminist movement for its negation of the concept of gender superiority and suggests psychoanalysis as a means for personal growth and discovery. (HLM)