This article takes as its point of departure Stefano Guzzini’s recent call for ‘ontological theorizing’ as a reflexive engagement with central concepts. In an attempt to advance this agenda, the article presents an accessible overview of different approaches to concept analysis to stake out the field for a discussion of what ontological theorising might entail. The article advances the notion of concepts as ‘basic’ and lays out the parameters through which they obtain meaning, followed by a discussion of three approaches, which tackle the multifaceted nature of basic concepts within and across different contexts. These approaches are labelled ‘historical’, ‘scientific’ and ‘political(critical)’ and presented through the work of Reinhart Koselleck, Giovanni Sartori and Michel Foucault, respectively. The article notes that concept analysis, as discussed here, stands in tension with modern forms of theory building yet is a creative source for theorising that accepts the unstable, political and context-bound nature of ontology.