Metonymy is a figure of speech and a pervasive phenomenon in written as well as spoken communication. First I introduce metonymy with a few examples. I briefly touch upon some relevant studies conducted in linguistics and cognitive linguistics on metonymy. Metonymy resolution is the task of processing metonymy in natural language text automatically. I present the major related works on metonymy resolution, in the context of computational linguistics. In the latter half of the talk, I discuss some of our initial works on metonymy resolution. We use an existing resource that models selectional preferences of words to detect and interpret metonymy. I conclude the talk by looking into the potential avenues for our future work.