In a shift of position that has gone largely unnoticed by the great majority of commentators, Thomas Kuhn’s version of the incommensurability thesis underwent a major transformation over the last decade and a half of his life. In his later work, Kuhn argued that incommensurability is a relation of translation failure between local subsets of interdefined theoretical terms, which encapsulate the taxonomic structure of a theory. Incommensurability arises because it is impossible to transfer the natural categories employed within one taxonomic structure into the categorial system of another such structure. Apparently on the basis of such taxonomic incommensurability, Kuhn asserted a number of antirealist theses about truth, reference and reality. In this paper, it will be argued, however, that, far from leading to antirealist consequences about the relation between theory and reality, the taxonomic incommensurability thesis may be incorporated unproblematically within a reasonably robust scientific realist framework.