The sexual maturity and reproductive cycle of the common squid, Todarodes pacificus captured from the East Sea, Korea, between January 2004 and January 2006, were investigated by documenting changes in the gonadosomatic index (GSI), gonad development, and oocyte size frequency distribution. The GSI of females began to increase in July, reached a maximum in August, and then gradually decreased. The GSI of males increased from July to March. Using gonad histological observations, we identified four oocyte developmental stages. The changes in GSI and gonad tissue resulted in the classification of the annual reproductive cycle into the following four successive stages: immature (April to June), growing (June to July), mature (July to August), and ripe and spawning (August to March). According to the oocyte diameter size frequency distribution in the ovary, this species appeared to have asynchronous oocyte development and one spawning time.