The specific mechanism regulating reproduction in invertebrates is a field of topical interest which needs to be explored in detail considering also the intriguing possible comparison with vertebrates. In this paper levels of Testosterone (T) and Estradiol (E2) and their reciprocal ratios were determined in ovaries and testis of the echinoid model species Paracentrotus lividus during the year 2004 by taking into account a putative relationship between steroid levels and reproductive cycle. T levels appeared to significantly vary during male reproductive cycle, thus suggesting a possible role of this hormone in regulation of spermatogenesis as demonstrated for other echinoderms. E2 levels were lower in males with respect to females; consequently E2 involvement in oogenesis is hypothesized. In parallel with steroid levels evaluation, variations in P450-aromatase activity and its possible role on regulation of gametogenesis were also considered. Clear correlations between steroid levels and gonad index (GI), as well as between GI and reproductive cycle were not detected, suggesting that GI alone is not a reliable parameter in describing the reproductive status of the gonads. Altogether the results obtained so far confirm the presence of a relationship between steroid levels and reproductive cycle as suggested by previous results on different echinoderm species.