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It is a noun with at last four meanings:
1 The study or art of creating new words.
2 The act of introducing a new word into a language.
3 The use of an existing word in a new way.
4 The holding of novel or rational religious views. (Although this definition is now largely obsolete.)
1 Neology is a hobby of mine.
2 I’ve just had a new word accepted by the Oxford English Dictionary. Neology!
3 Urban Dictionary is a catalyst for neology
4 Believing that we are all just the dream of a sleeping cat is not necessarily a neology.
Neology by AKACroatalin April 20, 2015
the most fragile lightstick in the whole kpop world
birds fly and so do neobongs
'taeyong broke the neobong again! it literally flew'
neobong by ohyouarenana? December 23, 2019
A negroid (i.e. black person) in the Japanese language, since the Japanese language switches the letters "r" and "l", for whatever reason.
"Abdul Hakim, race: NEGLOID" - Cowboy Bebop, Ep. 2
Negloid by SpermDonor July 1, 2012

neologism 

Itself an invented word used exclusively pejoratively to dismiss newly coined words. Usually used to express distaste for words inconvenient to one's ideology.
Pederasts, a more perverse subtype of faggots, declare moralphobia a neologism.
neologism by Tokenizing Words January 8, 2008
Smart,loving and caring person.He is also good looking and sexy.Friendly with others and gentle with women.
He is so hot ,he's like a Nelon

Neopolitan Dick 

"Neopolitan Dick " is a term to describe a circumcised penis having a variety of colors (~hence, "neopolitan" like the famous mix of strawberry, vanilla, and chocolate icecream) due to the circumcision itself.
The tip (head) more pink, the shaft more neutral, and the scrotum darker.

Girl: His dick had different colors.
Girl's Friend: So he had a Neopolitan Dick?
Girl: Haha I suppose, it was pretty hot to be honest...
Neopolitan Dick by KiiDLMTLSS January 3, 2014