The author first describes classical psychoanalytic understanding of male and female homosexuality in order to then contrast this with more recent findings on homosexuality from various scientific disciplines. Accordingly, homosexuality is not inevitably connected with precarious gender identity. There is also no indication of a link between homosexuality and severe psychopathology. Furthermore, homosexual orientation and homosexual fantasies severe different psychic functions. At most, therefore, psychoanalysis can indicate the unconscious significance of homosexual orientation and/or homosexual behaviour for the maintenance of psychic balance. Some of these propositions are presented in regard to male and female development.