A parametrization of the real photon structure function F-2(gamma) in the l
aw Q(2), low x region is formulated. It includes both the vector meson domi
nance (VMD) and the QCD components, the latter suitably extrapolated to the
low Q(2) region and based on arbitrary parton distributions in the photon.
The parametrization used together with the Gluck, Reya, and Vogt (GRV) and
Gluck, Reya, and Schienbein (GRS) parton densities describes reasonably we
ll the existing high energy data on F-2(gamma), sigma(gamma gamma), and the
low Q(2) data on sigma(gamma*gamma). Predictions for sigma(gamma gamma) an
d for sigma(gamma*gamma) for energies which may become accessible in future
linear colliders are also given.