Monthly changes of the gonad follicle index (GFI), reproductive cycle, egg-diameter composition, first sexual maturity of the Pacific oyster, Crassostrea gigas, were studied based on the samples which have been collected from the intertidal zone of Poryong west coast of Korea, from January to December, 1996. C. gigas, is dioecious, while a few individuals are alternatively hermaphroditic. Monthly variation of gonad follicle index (GFI) used for determination of spawning period, coincided with the reproductive cycle. GFI increased from April when seawater temperatures gradually increased and reached the maximum in May. And then, GFI sharply decreased from June to September due to spawning. Reproductive cycle of this species can be divided into five successive stages: in females, early active stage (March to April), late active stage (April to May), ripe stage (May to August), partially spawned stage (June to September) and spent/inactive stage (September to February); in males, early active stage (February to March), late active stage (April to May), ripe stage (May to September), partially spawned stage (June to September) and spent/ inactive stage (September to February). The diameter of fully mature eggs are approximately 50um. Spawning occurred from June to September, and two spawning peaks were observed in June and August when the seawater temperature was above $20^{circ}C$. Percentages of the first sexual maturity of males of 20.1-25.0 mm in shell height were over $50\%$, while those of females of 25.1-30.0 mm in shell height were over $50\%$. All the males of > 30.1 mm and all the females of ^gt; 35.1 mm completed their first sexual maturity. The results suggest that C. gigas has a protandry phenomenon. Sex ratios of 919 oysters observed were 453 females $(49.29\%)$, 429 males $(46.68\%)$, 16 hermaphrodites $(1.74\%)$, and 21 indeterminate individuals $(2.29\%)$. In age class I, sex ratio of males were $64.00\%$, thus, a higher percentage than that of females. It was noted that $64.00\%$ of the young males (age class I) were more functional than females in age class I, but 2-3 year-old oysters showed higher percentage of females. Percentages of hemaphrodites in 2-3 year classes were relatively higher than those in other year classes. Histological pattern of hermaphrodites can be divided into two types: Type I (hermaphrodite having a number of newly formed developing oocytes on the oogenic tissues within a degenerating spermatogenic follicle after discharge of numerous spermatozoa) and Type II (hermaphrodite having two separate follicles in the same gonad).