In the first part of the paper application of the Finite State Tools to one of the Southern Caucasian languages – Georgian is discussed. The FST has been very popular in computational morphology and other lower-level applications in natural-language engineering. The basic claim of finite-state morphology is that a morphological analyzer for a natural language can be implemented as a data structure called a Finite State Transducer. They are bidirectional, principled, fast and compact. In Georgian, as in many non-Indo-European agglutinative languages, concatenative morphotactics is impressively productive within its rich morphology. The Georgian language lexical transducer presented is capable of producing (analyzing and generating) all theoretically possible options for the lemmata from identified 21 sets of Georgian nouns and for most of the lemmata from about 150 sets of verb constructions. The second part of the paper is devoted to application of ontological semantics to Georgian. In a general ontological semantics lexicon meanings of words and expressions are represented in terms of instances of concepts from the ontology. Each lexicon entry comprises a morphological category and its syntactic and semantic features' description. A syntactic structure reflects syntactic valency represented as a syntactic subcategorization frame of an entry. A semantic structure links the lexicon entry with the language-independent ontological-semantic static knowledge sources – the ontology and the fact database. In a Georgian version of the ontological lexicon, alongside the mentioned monolingual information, each entry is supplied with the English translation equivalents. Consequently, we consider it as a potential bilingual ontological lexicon for multilingual NLP applications. The paper covers specifics of lexicon entries' formal description in the bilingual lexicon and discuss possible solutions for “toleration” differences in morpho-syntactic structure in the framework of a Georgian-English Ontological Semantics Lexicon.