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Although Freud defined psychic bisexuality as one of psychoanalysis' most central theses, the concept has often been reduced to sexual object choice or confined to debates over anatomical differences between the sexes. This paper takes up psychic bisexuality not merely as the distribution of masculine and feminine elements within the individual, but as a dynamic relation that psychic life establishes between activity and passivity. Starting with Freud's theory of sexuality, the active and passive aims of the drives, oedipal and pre-oedipal development, penis envy, castration anxiety, and superego formation are reconsidered as they unfold in Freud's own texts. The tension between his emphasis on anatomical difference and his conception of psychic bisexuality is examined, while the concept is rethought through early caregiving relations, the modes of being and doing, the processes of subjectivation, and both the continuous and the emergent components of gender experience. Fain and Braunschweig's “censorship of the lover” serves as a hinge that makes visible the role of the mother's own bisexuality in the infant's psychic constitution. Penot's “active passivation” is placed at the center to emphasize that openness to the desires, needs, and vulnerability of the other is constitutive for subjectivation. Anteros is read as a mythological figure who balances the appropriative and active side of Eros, carrying the capacity to respond to love and to make room for the other. Freud's narrative of the founding murder in Totem and Taboo is reread as the fall of a tyranny that makes no room for the feminine, and as the acquisition of psychic bisexuality within the social field. Psychic bisexuality thus emerges not merely as an individual or clinical concept, but as a condition of social life, of ethical relation, and of the capacity to make room for the other.