The present study examines the development of metaphor theory. The relevance of the research is determined by the need for a comprehensive understanding of the evolution of metaphor theory in the context of the rapid development of cognitive linguistics and cognitive stylistics. Existing studies mainly focus on individual aspects of this phenomenon without providing an integrated theoretical perspective. The aim of the study is to examine the principal stages in the development of metaphor theory and to determine its role within the cognitive-stylistic analysis of poetic discourse. The research is based on theoretical works devoted to metaphor theory, cognitive linguistics, and cognitive stylistics. Descriptive, comparative, and cognitive-stylistic methods, together with the method of scientific generalization, were employed to systematize and interpret the major theoretical concepts of metaphor. The findings indicate that the evolution of metaphor theory is characterized by a gradual transition from viewing metaphor as a stylistic device to interpreting it as a universal mechanism of conceptualization and cognition. It has been established that contemporary theoretical approaches are not mutually exclusive but rather reflect different stages in the development of metaphor theory, complementing one another. The study concludes that the cognitive-stylistic approach makes it possible to reveal the relationship between linguistic imagery, the conceptualization of reality, and the artistic interpretation of socially significant experience, while also providing a foundation for further research in contemporary linguistics.