The Collaborative International Dictionary of English v.0.48:

Neology \Ne*ol"o*gy\, n. [Neo- + -logy: cf. F. n['e]ologie.]
   1. The introduction of a new word, or of words or
      significations, into a language; as, the present
      nomenclature of chemistry is a remarkable instance of
      neology.
      [1913 Webster]

   2. A new doctrine; esp. (Theol.), a doctrine at variance with
      the received interpretation of revealed truth; a new
      method of theological interpretation; rationalism.
      [1913 Webster]

WordNet (r) 3.0 (2006):

neology
    n 1: a newly invented word or phrase [syn: neologism,
         neology, coinage]
    2: the act of inventing a word or phrase [syn: neologism,
       neology, coinage]