Abstract. In order to understand the 3-D distribution of collagen in relation to vascularization, chorionic villi of human placentae, belonging to normal pregnancies at term, were studied by scanning electron microscopy (SEM) after alkali maceration techniques, and by transmission electron microscopy (TEM). The villous tree appeared made of an uninterrupted structure of collagen fibres. The collagen fibres connected the chorionic villi axis with their basal plates and organised differently according to the various levels of villous branching. The collagen of stem villi showed copious fibres. The external fibres (facing the villous surface) were arranged mainly longitudinally. The central core of the villi (inner fibres) were arranged concentrically around the wall of the fetal vessels. Both external and internal fibres formed stratified lamellae or small parallel bundles. The inner core of stem villi showed small holes housing capillary spaces. Mature intermediate and terminal villi showed a scarce amount of collagen arranged in thin concentric layer within the villous core, surrounding numerous dilated capillary and sinusoid spaces.These observations demonstrated that the extracellular matrix of human chorionic villi is highly compartmentalised and shows a variable structural 3-D distribution depending on the branching level of the villous tree, such a distribution ensures the most favourable microenvironment for feto-maternal exchanges and it is likely able to provide a modulated support to the developing chorionic fetal vessels and trophoblastic layer as well. Key words: Placenta, Chorionic villi, Extracellular matrix, Collagen, Angiogenesis, Human (J. Reprod. Dev. 51: [433][434][435][436][437][438][439][440][441][442][443] 2005) he main function of the placenta is to support an adequate feto-maternal blood exchange during pregnancy, indeed an adequate nutrient and oxygen supply is essential for normal d e v e l o p m e n t o f t h e e m b r y o [ 1 ] . F r o m a morphological point of view, human placenta consists of the chorionic plate (fetal surface of placenta), the villous trees and the basal plate (maternal surface of placenta) [2][3][4][5]. The villous tree includes stem villi, emerging from the chorionic plate into the intervillous space. From the stem villi arise free villi and anchoring villi. The latter give rise to smaller intermediate and terminal villi that contain enlarged capillary loops and are responsible of the physiological exchange between maternal and fetal blood [1]. The villous stroma of This paper is dedicated to the memory of Prof. P. M. Motta.