An unusual placentoid bullous lesion of the lung was reported. The patient was a 27-year- old woman with a 1-week history of chest pain and mild dyspnea. Chest radiographic studies showed multiple huge bullae in right upper lobe and variable-sized bullae in middle and lower lobes with collapse. She underwent right pneumonectomy with preoperative impression of bullous lung disease and emphysema. Histopathologically, the most distinctive features were villous structures within bullous airspace, which resembled placetal villi with degeneration.