The article reviews the conceptual foundations of advertising polysemy – the occurrence of different interpretations for the same advertising message. We discuss how disciplines as diverse as psychology, semiotics and literary theory have dealt with the issue of polysemy, and provide translations and integration among these multiple perspectives. From such review we draw recurrent themes to foster future research in the area and to show how seemingly opposed methodological and theoretical perspectives complement and extend each other. Implications for advertising research and practice are discussed