This article elicits two overlapping frameworks in which emancipation has been understood and applied to women. The first distinguishes between a) an original definition grounded in Roman Law and defined as release from slavery and b) an Enlightenment sense in which an emancipatory process is associated with a critical ethos. I derive this latter meaning from an analysis of Kant's and Foucault's respective essays on enlightenment. Although they agree that emancipation is an ongoing critical task, I emphasize two aspects of Foucault's version: his attention to practices of liberty that entail bodily as well as subjective reconstruction and his inclusion, among topics for critique, of modernity's ontology of the human subject. In the case of women's emancipation, I argue that both aspects of emancipation must proceed simultaneously because of the distinctive nature of their oppression. For second‐wave feminism, I note a continued, although reoriented, equation between women and slaves. But now I identify a further framework whereby emancipation emerges as a threefold although systemic undertaking in which legal, subjectivist, and economic dimensions are at stake. I argue in conclusion that each entails unfinished emancipatory projects that represent timely ways to revive emancipation in the twenty‐first century.