Although erythropoietin plays a significant role in human metabolism, relatively little attention has been devoted in scientific literature to its role and mechanisms regulating its secretion in pregnancy. The authors of this article discussed the following issues: - construction, biological role and regulation of erythropoietin secretion, - its extra-hematologic effect, - erythropoietin concentration in normal and complicated pregnancy, - erythropoietin secretion in placenta, including its effect on placental function, - the role of erythropoietin in evaluation of fetal well-being. What seems to be a particularly promising trend in further studies is popularizing the measurement of EPO concentration in cord blood or amniotic fluid as fetal hypoxia marker.