SAUNDERS, R. M. K. & FOWLER, K., 1992. A morphological taxonomic revision of Azolla Lam. section Rhizosperma (Mey.) Mett. (Azollaceae). Recent research on the agronomically important aquatic fern Azolla has been hampered by the lack of a sound taxonomic framework. The classification of section Rhizosperma is revised using multivariate statistical analyses of ultrastructural, gross morphological and anatomical characters. The disparate morphologies and current delimitations of A. pinnata and A. nilotica are corroborated. Three distinct geographically related subspecies of A. pinnata are identified and formally named and described as: 1. subsp. pinnata, occurring in northern and eastern Australia and New Caledonia; 2. subsp. asiatica subsp. nov., occurring in India, southern China, south‐east Asia and southern Japan; and 3. subsp. africana stat. et comb, nov., occurring in tropical Africa and Madagascar. A sequential dichotomous key is provided for the identification of taxa, with new taxonomic descriptions.