Unconscious pregnancy fantasies are outlined as an underlying dynamic organizer to the panic experience in some patients with panic disorder. Detailed case material from the treatment of two childless panic patients, one male and one female (nonpregnant) is presented to illustrate this. A literature review found reports of nine nonpregnant patients, none exposed to a pregnant analyst, in whom these fantasies are described as central. Four of these patients had a psychiatric syndrome consistent with panic and agoraphobia. Some mechanisms that may underlie these connections are explored.