Comparatively little attention has been focussed in psycho-analysis on man's envy of the female sex and child-bearing functions. In contrast, the woman's envy of the man's penis has held a central position in the understanding of female psychology. The reasons for this were examined, the literature on pregnancy envy in men was reviewed, and the analysis was presented of a man whose feminine identification expressed itself in the transference as envy of the pregnant analyst. The multiple factors involved in the genesis of pregnancy envy, its pre-oedipal and oedipal origin, its use as a defence, and its consequences were discussed in detail.