After ouabain-induced degeneration, the retina of the goldfish shows a remarkable regeneration capacity. The extent of the damage depends on the dose of ouabain used in the experiment. After intraocular injection of 7 microliter 10(-5) M ouabain, the ganglion cells and the cells of the inner nuclear layer (INL) become necrotic except for most of the outer horizontal cells, some bipolar cells, and Müller cells. The outer nuclear layer (ONL) and the marginal growth zone at the ora serrata remain intact; the plexiform layers become spongy. The degenerated material is removed by the proliferated reactive macroglial cells and invading macrophages. The degenerated cellular elements of the retina are replaced by mitosis of neuroblasts in the marginal growth zone and of cells in the ONL. After intraocular injection of a 5-fold higher dose of ouabain (7 microliter 5 . 10(-5) M), the degeneration of the retina proceeds more rapidly and completely. In this experiment, the ONL is destroyed and the receptor outer segments are phagocytosed by cells of the pigment epithelium. In contrast to the regeneration of the amphibian retina, in the goldfish cells of the pigment epithelium do not participate by metaplastic transformation in the regeneration of the retina. The only source of cellular regeneration of the retina after complete destruction of its differentiated neural elements is the marginal growth zone, which is highly resistant to ouabain. The rate of mitoses in this region is strongly increased. The derivatives of these cells spread out tangentially over the entire fundus of the eye in a concentric manner. In this regenerate, mitotic processes continue in a radial direction, resulting in thickening and layering of the new retinal formation.