Placental morphology and vascularization are important stages in the evolution of pregnancies. Placental morphogenesis and angiogenesis processes are studied by two-dimensional, three-dimensional and Doppler ultrasound. Ultrasound methods provide important data on the physiology and pathophysiology of fetal-placental exchange. The macroscopic and microscopic study of the placenta brings valuable information on the possible structural changes and implicitly allows assessing fetal-placental circulation. The ultrasound and microscopic evaluation of the placenta are complementary means of examination for the assessment of fetal-maternal exchange. These methods of investigation can be applied in the context of a strict knowledge of placental morphogenesis and angiogenesis.