Black seabream juveniles Acanthopagrus schlegelii held at $20^{circ}C$ were exposed to formalin at concentrations of 50 to 400 ppm, and tolerance values were determined by calculating median lethal concentration values (LC50) through probit analysis. The 12-, 24, 48, 72- and 96-h LC50 values for formalin were 297, 233, 171, 162 and 157 ppm, respectively. The histological effects of formalin on gill and liver tissues in this fish were determined. No histological effects were observed in the control group. The intensity of cell damage increased with the concentration of, and duration of exposure to, formalin. Hyperplasia, separation and epithelial necrosis, epithelial lifting, lamellar synechiae and collapsed lamellae were observed in gill tissues exposed to formalin. Hepatic lesions in liver tissues of fishes exposed to formalin were characterized by cloudy swelling of hepatocytes, necrosis, cytoplasmic vacuolization, deposition of pigments, spongiosis hepatis, nuclear hypertrophy, dilation of sinusoids and bile stagnation. The LC50 values and histological results obtained in this study will aid in designing treatment regimens to minimize toxic side effects and increase efficacy.