For some years now the exploration of the role of object relations has moved to the center of psychoanalytic concerns. One might say object relations theory has become popular. In the realm of ideas, popularity tends to bring blurring and diffuseness in its wake. The term “object relations theory” may have become practically coextensive with any viewpoint that stresses the importance of social or interpersonal factors. This paper uses a comparative approach in an attempt to delineate psychoanalytic object relations theory vis-à-vis an interpersonal understanding of personality functioning. It aims to suggest the limitations of such a comparison and the purpose it may serve.