Colexification describes the relation between two meanings that are expressed with the same form in a given language. A colexification is established based on a linguistic analysis of word meanings in the same language. While the term is a cover term for different semantic relations (i.e., vagueness, polysemy, homophony), the discussion of particular types of colexifications often is connected to linguistic terminologies such as metaphor or metonymy. This is not only the case because there are prominent linguistic theories that argue for the pervasiveness of metaphor (and metonymy) in everyday life, but also because semantic relations are assumed to mirror conceptual relations. The linguistic analysis of metaphor and metonymy thus provides insights into the human mind. However, one needs to be careful to make claims about cognitive mechanisms solely based on linguistic evidence. Therefore, it is important to also consider frameworks from psychology such as analogical reasoning in order to explain the processes behind a linguistic phenomenon. In the following, I discuss ideas on metaphor and metonymy from linguistics that highlight the cognitive underpinnings of both notions, as well as a proposal for how analogical reasoning can explain their processing.