Given a complex orthosymplectic superspace V , the orthosymplectic Lie superalgebra osp(V ) and general linear algebra gl N both act naturally on the coordinate super-ring S(N ) of the dual space of V ⊗ C N , and their actions commute. Hence the subalgebra S(N ) osp(V ) of osp(V )-invariants in S(N ) has a gl N -module structure. We introduce the space of super Pfaffians as a simple gl Nsubmodule of S(N ) osp(V ) , give an explicit formula for its highest weight vector, and show that the super Pfaffians and the elementary (or 'Brauer') OSp(V )-invariants together generate S(N ) osp(V ) as an algebra. The decomposition of S(N ) osp(V ) as a direct sum of simple gl N -submodules is obtained and shown to be multiplicity free. Using Howe's (gl(V ), gl N )-duality on S(N ), we deduce from the decomposition that the subspace of osp(V )-invariants in any simple gl(V )-tensor module is either 0 or 1-dimensional. These results also enable us to determine the osp(V )-invariants in the tensor powers V ⊗r for all r. ∼ −→ ∧ m M ֒→ M ⊗m . This determinant map is also an O(m)-module homomorphism, but C then needs to be thought of as the non-trivial 1 dimensional O(m)-representation. The image of det is then not an O(m)-invariant, but a pseudo O(m)-invariant in the sense that g(det) = det(g) det for any g ∈ O(m), where det(g) is the determinant of g as an m × m matrix. Then for all r(≥ m), the subspace of so(m)-invariants in M ⊗r is "generated" by the determinant map and the pull-back of the bilinear form defining O(m) (see e.g., [1, Appendix F]).We study here the analogous question for the orthosymplectic Lie superalgebra. The main issue is to understand those invariants of the orthosymplectic Lie superalgebra, which are not invariants of the orthosymplectic supergroup. We show in this work that to generate all osp-invariants, just one invariant of osp is required, which is not an invariant of the orthosymplectic supergroup OSp. This is the super Pfaffan. In references [13,14], Sergeev anticipated the existence of a super Pfaffian, which is such an invariant. However, the super Pfaffian remained somewhat mysterious, as the arguments for its existence in [13,14] were abstract.By using integration over the supergroup in the Hopf superalgebraic setting [11,12], we described in [9] a construction for the super Pfaffian, which is quite appealing conceptually. In principle the construction allows one to compute the super Pfaffian, but even in small dimensions, it is quite nontrivial to derive an explicit expression for it this way, see Example 3.10 below. The aims of the present paper are to gain a better understanding of the super Pfaffian, and to present a proof of its sufficiency for generation of all invariants of osp.We now briefly describe the main results of the paper. Let V be a complex superspace with sdim (V ) = (m|2n), regarded as the natural module for the orthosymplectic Lie algebra osp(V ) (see [9, §2.4] for details), and let S(N) be the coordinate ring of the dual space of V ⊕N ≃ V ⊗ C C N , the sum of N copies of V . ...