This account of productive word-formation patterns in modern Spanish incorporates the results of previous studies of individual aspects of derivation and compounding, and the patterns described and categorized are set in the context of recent lexical morphology theory. Designed to fill a gap in the descriptive literature on the Spanish language, it provides a bridge between inflectional grammar and syntax, and gives to the lexis the same importance as the latter in linguistic competence and creativity. The work starts out by revising theoretical concepts, which are then exemplified and scrutinized for validity through the reality of current Spanish word-forming trends. The derivational patterns described and categorized are finally exemplified by a wide selection of context examples culled from modern authors and the media.