This article focuses on compounding as a process of word formation within the theoretical framework of lexeme-based morphology. It provides a systematic analysis of the two types of compounding in French: native compounding, the main type, and neoclassical compounding, which is quite marginal. It presents the various rules: native compounds are prototypically constructed of two lex-emes and form a third one; they are predominantly endocentric; the governing constituent and the compound head, if any, is on the left and controls the semantic relations between the two constituents, whether coordinated, attribu-tive or subordinating. Neoclassical compounds are prototypically constructed of bound neoclassical elements and form adjectives; they are often exocentric; the governing constituent is on the right. Inflection in native compounds is complex. Several areas of the analysis remain unresolved, particularly regarding the boundaries between morphological/syntactic compounds.