This work analyzes the sense and meaning of words, sentences, discourse and narratives. It describes the stages of the process of comprehension of the discourse or text; it outlines the cognitive and social dimensions of the discourse and their representations in the micro and macro signification structures; finally, it focuses on the narrative text and their effects on the reader. Theoretically, it approaches the conceptions of A. Luria, from the historical-cultural psychology, on the comprehension of the sense of verbal enunciation and the functions of words and sentence; it also makes use of T. Van Dijk's approach, on the propositions and the critical analysis of the discourse; and follows J. Bruner's ideas, on the comprehension of narratives and the way they affect the reader. It concludes that the reader, in their interpretation process or explanation of the text, produces multiple meanings (polysemantic) maintaining the essence of the real text.