1. Study of language or literature.
2. Specifically, study of the languages and literatures of Classical Greece and Rome; study of Latin and Ancient Greek languages.
Hoold thou thy pees thou poete Marcian That writest vs that ilke weddyng murie Of hire Philologie and hym Mercurie. (Martianus Capella, 5th cent. wrote ‘De nuptiis Philologiæ et Mercurii’.) 1386, Chaucer, Merch. T. 490
The science of Love or Love-making, as from the stem phil-, meaning love/enthusiasm (bibliophile = book-lover, pedophile = child-lover), and the suffix -ology, referring to a science (physchology and Biology for example). This is to be differentiated from a specific sort of philology as Romance Philology, the study of Latin (literally "The Science of Loving things Roman").
-Man, I gave her a 3-hour lecture in philology last night, if you know what I mean.
-Oh, sweet. I knew she had it bad for you.