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The concept of O is one of Bion's most problematic and therefore at the origin of misleading interpretations; on the other hand, it cannot be easily set aside, because in his work it has an essential theoretical and clinical meaning. The fact is that O is not to be considered in isolation, but always as part of a triad of concepts, along with those of invariance and transformation. The role it plays from time to time therefore arises from the dialectical game it plays with them. But not only that. O's peculiarity is that he himself received many names by Bion. There is therefore to be considered a second dialectical plan inherent to O in itself, in which all these names relate to each other. Among these, some arouse mistrust because they make us think that Bion turned towards the mystic (God, divinity, the One, Person in Himself). This is why it is important to remember that Bion openly declares that of the terms borrowed from other disciplines what interests him is to make use of the penumbra of associations that surrounds them but always and only for his own purposes.
KEY WORDS: Bion, intersubjectivity, invariance, mysticism, O, transformations.