This contribution presents the principal features of ontologies, drawing special attention to the comparison between ontologies and the different kinds of knowledge organization systems (KOS). The focus is on the semantic richness exhibited by ontologies, which allows the creation of a great number of relationships between terms. That establishes ontologies as the most evolved type of KOS. The concepts of “conceptualization” and “formalization” and the key components of ontologies are described and discussed, along with upper and domain ontologies and special typologies, such as bibliographical ontologies and biomedical ontologies. The use of ontologies in the digital libraries environment, where they have replaced thesauri for query expansion in searching, and the role they are playing in the Semantic Web, especially for semantic interoperability, are sketched.