1. A comparative study involving 80 species (14 ray, 14 shark and 52 teleost species) of marine fish found at the southeastern Brazilian coast is presented. 2. Active species displayed higher values for all hematological parameters studied when compared to the less active forms. 3. Mean values of hematocrit, hemoglobin concentration and red blood cell counts increased according to the sequence: rays, sharks, teleosts. 4. As a group, cartilaginous fish blood displayed larger and fewer erythrocytes containing more hemoglobin than teleosts; mean cell hemoglobin concentration was significantly higher in rays and sharks than in teleosts. 5. For all but the hemoglobin concentration, the hematological values studied revealed a marked contrast between bony and cartilaginous fishes which suggests distinct ways to accomplish their oxygen demands.