These experiments were carried out to investigate the effect of a co-culture with granulosa cells on in vitro maturation, fertilization and development of bovine follicular oocytes. The bovine ovaries were obtained at a slaughter house and the follicular oocytes were recovered by aspirating the follicular fluid from the visible follicles of diameter 2-6mm. Bovine oocytes were matured in vitro for 24-26 hr and then fertilized in vitro using epididymal spermatozoa capacitated by preincubation for 2-3hr in BO solution containing BSA(5mg/ml) and caffein(25mM). Eight hours after insemination, the oocytes were cultured in a co-culture system with granulosa cells. The rates of maturation of the follicular oocytes cultured in a co-culture system with granulosa cells were 83.1%, the rate of fertilization of the follicular oocytes culture in a co-culture in a co-culture system with granulosa cells were 76.9%, respectively. No significant difference are observed between control and treatment in maturation and fertilization rates. The rates of embryos developed to 2-, 4-, 8-, 16-cell and monula stages after co-cultured with granulosa cells were 65.8, 57.9, 39.5, 34.2 and 34.2%, respectively. The value for 16-and morula stages were significantly higher (P<0.05) than those of the embryos cultured in the basic medium.