A histological analysis was carried out on ovarian development in Champsocephalus gunnari caught by the RV Dr Eduardo L. Holmberg in the South Georgia and Shag Rocks areas in February and March 1994. Six phases of oocyte development were identified, and these are similar to those described for other species. A gonad maturation scale for studies using microscopes (microscopical scale) was elaborated and adapted to correspond with the macroscopic (i.e., unaided visual observation) scale commonly used. The first five stages correspond with those described macroscopically for various species of Channichthyidae. Stage six includes ovaries undergoing oocyte resorption processes, which macroscopically resemble a maturity phase but microscopically conform to a regression stage. In some cases these ovaries presented few atretic oocytes; in others a generalised regression was found, which was observed in 41% of mature fish. A high proportion of juvenile individuals (45%) was found, together with a relatively low occurrence of females that spawned or were in condition to spawn in the current season (32%).