In this paper, I define a psychoanalytic object broadly, as an object that “matters” to an individual. My focus is on how someone becomes a psychoanalytic object and how our ideas about this process lead us to a particular conception of an analyst’s mutative role. Further, I examine the function of a psychoanalytic object in one’s inner world. One view of the object leads to a “dynamic” emphasis, examining the object’s role in a system of unconscious conflict and compromise, whereas a second, overlapping line of thought leads to a “structural” focus, emphasizing the object’s role in developing, stabilizing, and often maintaining compromised internal psychic capacities. These capacities are developmental achievements that form the context of conflict and compromise. Dynamic and structural emphases lead to different clinical stances. In considering the object and evolving conceptions of the object within Freudian psychoanalysis (my focus), we simultaneously review the evolution of Freudian psychoanalysis itself.