In this paper we study the concept of sexual orientation and its components by comparing the common orientations of hetero-, homo-, and bisexuality with alternative concepts suitable for describing persons with psychosexual and somatosexual divergencies (e.g., transgender or intersex developments). An assessment of these divergencies as well as their prevalence and societal influences are presented. Empirical findings on the relationship between sexual orientation and mental health are examined against the background of the sexual minority stress model, looking especially at the risks and the opportunities associated with belonging to a sexual minority. The paper also focuses on the normative power of a monosexual model. Finally, sexual orientation is conceptualized as an umbrella term encompassing both conscious and unconscious elements, including the aspects of sexual behavior, sexual identity, fantasies, and attraction.