The paper1 investigates the origin of the meaning of dreams starting with a discussion of psychotic dreams. The author distinguishes the dream as dream from the remembered and the narrated. A two-step dream phenomenology is proposed that both acknowledges the objectivity of the dream and traces the origin of its meaning to its translation into language. Following a review of recent neurobiological theories of dreaming, the paper focuses on certain aspects of the psychoanalytical understanding of the dream phenomenon and in particular on the interpretation of dreams from the perspective of intersubjectivity and phantasy.