To study placental characteristics in relation to perinatal outcome in 150 pairs of monochorionic diamniotic (MCDA) twins. Between January 1998 and January 2007 150 pairs of MCDA twins were delivered in the University Medical Center, Utrecht, The Netherlands. Mortality, neonatal morbidity and birth weight discordancy were studied in relation to type of anastomoses, type and distance between cord insertions and placental sharing. From 14 weeks onwards, there were 45 (15.0%) perinatal deaths. We found no clear relationship between perinatal mortality and type of anastomoses, distance between cord insertions and placental sharing. Perinatal mortality was significantly increased in the presence of velamentous cord insertion (OR 3.65, 95% CI 1.83-7.28). Data concerning neonatal morbidity were similar. TTTS occurred predominantly in the presence of AV-anastomoses without compensating superficial AA-anastomoses (p=0.005) and occurred more frequently in the presence of velamentous cord insertion (OR 1.79, 95% CI 0.94-3.44). Twins with unequal shared placentas had significantly more often severe birth weight discordancy, although only in the presence of AA-anastomoses (OR 4.09, 95% CI 1.74-9.63). If AA-anastomoses were absent in the unequally shared placenta, there was no relation between severe birth weight discordancy and unequal sharing of the placenta (OR 1.06, 95% CI 0.08-13.52). In MCDA twins, placental characteristics determine perinatal outcome, occurrence of TTTS and fetal growth. Prenatal identification of these characteristics by ultrasound may alter counselling and intensity of pregnancy surveillance.