PolyWordNet is a new lexical database which deals with the organization of senses of polysemy words. It mimics the way how human mind organizes the senses of polysemy words and their related words to analyze and determine correct meaning of a polysemy word in a context. A related word of a sense of a polysemy word is a word which provides necessary and sufficient context to disambiguate the meaning of the polysemy word. A context with a polysemy word must contain at least one related word that determines the correct sense of the polysemy word. The PolyWordNet utilizes this fact to organize the senses of a polysemy word with their corresponding related words. PolyWordNet is completely different than that of the dictionary and WordNet. The words which spell similar come together in dictionary. The words with similar meaning come together in WordNet. The same words, in WordNet, are connected to the multiple senses of the same polysemy word. This introduces an ambiguity. This ambiguity is resolved in PolyWordNet by linking one related word only with a single sense of the same polysemy word. The PolyWordNet can be used to disambiguate senses of polysemy words more precisely and more efficiently. Keywords: PolyWordNet, WordNet, Dictionary