What term refers to words that have different meanings based on context?

The correct term for words that have different meanings based on context is "polysemy." Polysemy refers to a single word that has multiple meanings that are related by extension. For instance, the word "bank" can refer to the side of a river or a financial institution, both meanings understood through context.

The other terms listed do not accurately reflect this concept. Antonyms refer to words with opposite meanings, which doesn't apply here. "Multiple meanings" is somewhat vague and not an established term in linguistics, as polysemy more precisely describes the phenomenon. Homonyms are words that are pronounced the same or spelled the same but have different meanings, like "bear" (the animal) and "bear" (to carry), but they do not necessarily rely on context in the same way polysemous words do. Thus, polysemy captures the essence of words that take on different meanings depending on their context effectively.