Cognitive Science and Linguistics For Metaphor and Metonymy
Metonymy works by the contiguity (association) between two concepts, whereas metaphor works by the similarity between them. When people use metonymy, they do not typically wish to transfer qualities from one referent to another as they do with metaphor: there is nothing press-like about reporters or crown-like about a monarch, but "the press" and "the crown" are both common metonyms. Of course, metaphors reside in every metonymical phrase, and thus the relationship between "a crown" and a "king" could be interpreted metaphorically (i.e., the king, like his gold crown, could be seemingly stiff yet ultimately malleable, over-ornate, and consistently immobile).
Two examples using the term "fishing" help clarify the distinction. The phrase "to fish pearls" uses metonymy, drawing from "fishing" the idea of taking things from the ocean. What is carried across from "fishing fish" to "fishing pearls" is the domain of metonymy.
In contrast, the metaphorical phrase "fishing for information" transfers the concept of fishing into a new domain. If someone is "fishing" for information, we do not imagine that the person is anywhere near the ocean; rather, we transpose elements of the action of fishing (waiting, hoping to catch something that cannot be seen, probing) into a new domain (a conversation). Thus, metaphor works by presenting a target set of meanings and using them to suggest a similarity between items, actions, or events in two domains, whereas metonymy calls up or references a specific domain (here, removing items from the sea).
Read more about this topic: Metonymy
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