We revise the global diversity of the former genera Sergia and Sergestes which include 71 valid species. The revision is based on examination of more than 37,000 specimens from collections in the Natural History Museum of Denmark and the Museum of Natural History, Paris. We used 72 morphological characters (61 binary, 11 multistate) and Sicyonella antennata as an outgroup for cladistic analysis. There is no support for the genera Sergia and Sergestes as they have been defined until now. We define and diagnose eight genera of the former genus Sergia (Sergia and new genera Gardinerosergia, Phorcosergia, Prehensilosergia, Robustosergia, Scintillosergia, Challengerosergia, and Lucensosergia) and seven genera of the former genus Sergestes (Sergestes, Deosergestes, Eusergestes, Allosergestes, Parasergestes, Neosergestes, and a new genus Cornutosergestes). An identification key is presented for all genera of the family Sergestidae. The phylogeny of Sergestidae is mainly based on three categories of characters related to: (1) general decapod morphology, (2) male copulatory organs, and (3) photophores. Only simultaneous use of all three character types resulted in a resolved tree with minimal Bootstrap support 75 for each clade. Most genera are interzonal mesopelagic migrants, some are benthopelagic (Scintillosergia, Lucensosergia), bathypelagic (Sergia), or epipelagic (Cornutosergestes). Within each of meso- and benthopelagic genera there is one species with panoceanic distribution, while most species ranges are restricted to a single ocean. The genera demonstrate two different strategies expressed both in morphology and behavior: protective (Eusergestes, Sergestes, Cornutosergestes, Prehensilosergia, Scintillosergia, Lucensosergia, Challengerosergia, Gardinerosergia, Robustosergia, Phorcosergia, Sergia) and offensive (Neosergestes, Parasergestes, Allosergestes, Deosergestes).