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.