Two words are k-binomially equivalent whenever they share the same subwords, i.e., subsequences, of length at most k with the same multiplicities. This is a refinement of both abelian equivalence and the Simon congruence. The k-binomial complexity of an infinite word x maps the integer n to the number of classes in the quotient, by this kbinomial equivalence relation, of the set of factors of length n occurring in x. This complexity measure has not been investigated very much. In this paper, we characterize the k-binomial complexity of the Thue-Morse word. The result is striking, compared to more familiar complexity functions. Although the Thue-Morse word is aperiodic, its k-binomial complexity eventually takes only two values. In this paper, we first obtain general results about the number of occurrences of subwords appearing in iterates of the form Ψ ℓ (w) for an arbitrary morphism Ψ. We also thoroughly describe the factors of the Thue-Morse word by introducing a relevant new equivalence relation.