The present paper outlines the projected second part of the Corpus Query Lingua Franca (CQLF) family of standards: CQLF Ontology, which is currently in the process of standardization at the International Standards Organization (ISO), in its Technical Committee 37, Subcommittee 4 (TC37SC4) and its national mirrors. The first part of the family, ISO 24623-1 (henceforth CQLF Metamodel), was successfully adopted as an international standard at the beginning of 2018. The present paper reflects the state of the CQLF Ontology at the moment of submission for the Committee Draft ballot. We provide a brief overview of the CQLF Metamodel, present the assumptions and aims of the CQLF Ontology, its basic structure, and its potential extended applications. The full ontology is expected to emerge from a community process, starting from an initial version created by the authors of the present paper.