The term “Obsessional Neurosis” was coined by Freud, who was the first to relate obsessive symptoms to their psychic origins and view them as the result of conflict. Starting from his early writings, Freud devoted much thought to Obsessional Neurosis and continued developing this theme for more than 30 years. Contrary to Hysteria, which in recent years has regained its honorable status, Obsessional Neurosis has been continually neglected in psychoanalytic literature and relegated to the fields of psychiatry and behavioral psychology, which emphasize the symptomatic and the overt. This process, by clinging to the “objective” and concrete aspects of Obsessional Neurosis and disassociating it from the instincts and from its historical sources, may itself be deemed obsessive. This paper suggests viewing Obsessional Neurosis as an independent psychic state, pertinent to analysis even when obsessive symptoms are not clearly present or apparent. Therefore, the case studies selected are of patients who, while not necessarily exhibiting obsessive symptoms, are fathomed through the prism of the obsessional state. The paper will elaborate on three aspects of this ‘obsessional state’: aesthetics, eroticism and fantasy. Finally, the value of the notion of obsessional neurosis will be reassessed in the broader context of the role of sexuality in psychoanalytic theory.