IPA: /lɛksɪˈkɒlədʒi/
KK: /lɛksɪˈkɑlədʒi/
The study of words and their meanings, including how they are used in a language.
Lexicology helps us understand the relationships between words and their meanings.
Lexicology is formed from "lexis" (meaning word or speech in Greek) and "-logy" (from Greek "logia", meaning study or science). The word refers to the study of words and their meanings.
Think of 'lexis' meaning 'word' and '-logy' meaning 'study' — lexicology is the study of words.