This essay puts forward for discussion a “subject relations” theory of psychoanalysis. It is argued that the term subject captures a basic aspect of the human situation, that we are both subject “of” and subject “to” various phenomena. It is argued that psychoanalytic subjectivity implies being in several different positions or viewpoints in relation to others. The subject moves between positions within the subjective organization. The paper tackles such basic issues as the way such subjective organizations both arise and are sustained, how unity is maintained but also undermined. The essential role of social structure in the subjective organization is discussed. The role of objects in a subject relations theory is considered. In addition, various transference states are described that could reflect particular subjective organizations. Lastly, there is a brief consideration of the role of the analyst's subjectivity in the analytic relationship.