This article addresses the functions analogical reasoning may have in science and everyday life. The focus ranges from the heuristic and probative value of this kind of reasoning to its illustrative and didactic utility, not excluding the opinion-forming, choice-facilitating, argumentative and justice-dispensing aspects of the inferences based upon similarity discernible between the instances being compared. In this context, the Author reveals disagreements between the standpoints of several scholars and singles out their most interesting stances and statements. In addition, the question of making the generalizations and understanding of notions (terms) presented in ordinary language as well as the problem of conceptualization have been touched upon. The relation of analogy to metaphor and its occurrence in humor, literature and poetics have also been addressed.