In order to clarify the site(s) from which steatocystoma multiplex (SCM) originates, five cases of SCM and the normal pilosebaceous apparatus were comparatively examined by electron microscopy. The cyst‐wall of SCM, consisting either of flattened or of undulating horny layer, contained a small number of tonofilaments, desmosomes, and tiny spherical keratohyalin granules. There were variable numbers of lamellar granules which were also frequently observed in the intercellular spaces of the horny layer. Three of the SCM cases included sebaceous cells. The contents of the cysts were mostly amorphous and short‐fibrillar, but sometimes keratinized cells and remnants of lamellar granules were observed. These findings were analogous to those of the normal pilosebaceous apparatus from the level of the lower part of the infundibulum to the outer root sheath Via the sebaceous duct, and were specifically more analogous to those of the sebaceous duct.