This paper considers some of the concisely presented material of the second of Freud's Three Essays on the Theory of Sexuality (1905a), on “Infantile Sexuality.” The author puts forward the view that infantile sexuality may be thought of not simply as an immature stage that must be passed through, but also as a pool of psychic experiences upon which mature personality organization can continually draw, in dynamic oscillation among different mental positions. The link between infantile sexuality and the structuring of the psychic apparatus, discussed in the first and third of the Three Essays (“The Sexual Aberrations” and “The Transformations of Puberty”), raises questions that are still open to further research.