From Wikipedia:

Freud's views have sometimes been called phallocentric. This is because, for Freud, the unconscious desires the phallus (penis). Males are afraid of losing their masculinity, symbolized by the phallus, to another male. Females always desire to have a phallus—an unfulfillable desire. Thus boys resent their fathers (fear of castration) and girls desire theirs.

I remember learning in high school psychology class that Freud's theories on the sexes had been "debunked". I've heard protests against the idea that women have "penis envy". Freud is called a misogynist.

More on the phallic stage:

For the boy, the mother becomes more desired, while the father is the focus of jealousy and rivalry, since he is the one who sleeps with the mother, but still he is one of the main caregivers. The id wants to unite with the mother and kill the father (like Oedipus did), but the ego, based on the reality principle, knows that the father is stronger. The child also feels affectionate towards the father, one of the caregivers, and his feelings are ambivalent. The fear that the father will object to the boy’s feelings is expressed by the id as fear that the father will castrate him. The castration fear is not rational, and occurs in a subconscious irrational level.

Freud argued that young girls followed more or less the same psychosexual development as boys. Whereas the boy would develop a castration anxiety, the girl would go on to develop penis envy, envy felt by females toward the males because the males possess a penis. The envy is rooted in the fact that without a penis, the female cannot sexually possess the mother as driven to by the Id. As a result of this realization, she is driven to desire sexual union with the father. After this stage, the woman has an extra stage in her development when the clitoris should wholly or in part hand over its sensitivity and its importance to the vagina. The young girl must also at some point give up her first object-choice, the mother, in order to take the father as her new proper object-choice. Her eventual move into heterosexual femininity, which culminates in giving birth, grows out of her earlier infantile desires, with her own child taking place of the penis in accordance with an ancient symbolic equivalence. Generally, Freud considered the Oedipal conflict experienced by girls more intense than that experienced by boys, potentially resulting in a more submissive and less confident personality.

In both cases the conflict between the id drives and the ego is resolved through two basic defence mechanisms of the ego. One of them is repression, which involves the blocking of memories, impulses and ideas from the conscious mind, but does not lead to resolution of the conflict. The second is identification, which involves incorporation of characteristics of the same-sex parent into the child’s own ego. The boy by adopting this mechanism seeks for the reduction of castration fears, since his similarity with the father is thought to protect the boy from him. The identification of girls with the mother is easier, since the girl realizes that neither she, nor her mother have a penis. Freud's theory regarding the psychosexual dynamic present in female children in this point of their psychosexual development is termed, though not by Freud himself, the Electra complex. Freud's theory of feminine sexuality, particularly penis envy, has been sharply criticized in both gender theory and feminist theory.

If the conflict is not resolved, a fixation in this stage may lead to adult women striving for superiority over men, if she had overwhelming feelings of devastation due to lack of penis, being seductive and flirtatious, or very submissive and with low self-esteem. On the other hand, men can exhibit excessive ambition and vanity. Overall, the Oedipal conflict is very important for the super-ego development, since by identifying with one of the parents, morality becomes internalized, and compliance with rules is not any more the result of punishment fear. A poor identification with the same sex parent may lead to recklessness or even immorality.

I don't know about this particular theory, but you have to wonder why philosophers, psychologists, and writers of 100 years ago seemed to understand men and women so much better than most do today. And today, most of them would be called misogynists.