This article discusses in detail the development of the concept of analogy by Hermann Paul, considered as the first theoretician in historical linguistics. First, the theorization of analogy by the Neogrammarians will be analyzed, so as to highlight Paul’s originality. Secondly, the definition of analogy and its place in Paul’s Prinzipien der Sprachgeschichte will be further developed. The most important observations will then be resumed in a general conclusion.