While modern versions like Office 2021 or 2024 are incompatible, the following older versions work with Lion:
To ensure a smooth installation on your Lion 10.7.5 system, your Mac should meet these minimums: Intel processor (PowerPC is not supported). Memory: At least 1 GB of RAM. Microsoft Office For Mac Os X Lion 10.7.5
This version is also fully compatible with OS X Lion 10.7.5. It is a solid alternative if 2011 is unavailable, though it lacks some of the more modern interface updates found in 2011. While modern versions like Office 2021 or 2024