Following a production-based approach, this paper deals with the acoustic behavior of humpback whales. This approach investigates various physical factors, which are either internal (e.g., physiological mechanisms) or external (e.g., environmental constraints) to the respiratory tractus of the whale, for their implications in sound production. This paper aims to describe a functional scenario of this tractus for the generation of vocal sounds. To do so, a division of this tractus into three different configurations is proposed, based on the air recirculation process which determines air sources and laryngeal valves. Then, assuming a vocal function (in sound generation or modification) for several specific anatomical components, an acoustic characterization of each of these configurations is proposed to link different spectral features, namely, fundamental frequencies and formant structures, to specific vocal production mechanisms. A discussion around the question of whether the whale is able to fully exploit the acoustic potential of its respiratory tractus is eventually provided.