An ultrasound examination was performed in 24 thyroid nodules whose pathologic proof was obtained by excisional surgery. Twentyfour nodules consisted of 8 papillary adenocarcinomas, 12 follicular adenomas, 3 simple cysts and 1 hematoma. The ultrasonic findings were evalauated from the viewpoints of marginal irregularity, halo, echo level, inhomogenesity, liquid changes and calcifications. Marginal irregularity, hypoechoic level, inhomogenesity and calcifications were found only in malignant nodules. All or some of these findings were found in 7 of 8 papillary adenocarcinomas. None of 10 echo- free nodules was malignant. Halo and liquid changes were found in both benign and malignant nodules at about the same rate.