Thirty‐six ovarian Sertoli‐Leydig cell tumors containing heterologous elements in the form of gastrointestinal‐type epithelium are described. Eight of the cases contained microscopic foci of insular carcinoid; in two of these cases foci of goblet cell carcinoid were also present. The patients' ages ranged from 4–67 years (average, 23 years). The presenting manifestations were androgenic changes (18 cases), abdominal swelling (15 cases), acute abdominal symptoms (one case), menstrual irregularities (one case), and postmenopausal bleeding (two cases). All of the tumors were unilateral. The surface of the tumor was intact in 32 cases, ruptured in three, and adherent to the diaphragm in one. The tumors usually had both cystic and solid components and averaged 15.0 cm in diameter; mucinous fluid was noted on gross examination in 12 cases. On microscopic examination, the gastrointestinal epithelium contained mucinous cells, columnar cells and argentaffin cells; rarely Paneth cells were seen. It was cytologically benign in 29 cases, of borderline malignancy in five and malignant in two. Follow‐up information, available for 31 patients, revealed that 29 were alive without evidence of disease from 1–17 years (average, six years) postoperatively. One patient, who had a poorly differentiated tumor, died of recurrent disease six years after the initial operation.