The inquiry investigated the contribution of neologism/coinage and borrowing to the development of the Shona slang lexicon. The paper explores how entirely new Shona slang words are being created and how some are being borrowed from English and other local languages such as Shona itself and Ndebele, then modified to become slangy. A sample of five hundred Great Zimbabwe University students participated in the research study. Data were collected through observation and the questionnaire. The study establishes that like any other linguistic variety, Shona slang is not static but dynamic as it constantly adds to its linguistic repertoire through neologism and borrowing. The paper also finds out that the coined and borrowed words seem to be either euphemistic, derogatory/contemptuous, praising/appreciative, express a state of affairs or how an action is performed, or have the goal of avoiding detection. The inquiry concludes that the recent additions to Shona slang reflect contemporary social, political and economic developments in the country and recommends further research into other processes that contributes to the Shona slang lexicon.