Placental mesenchymal dysplasia (PMD) is a relatively recently recognized, rare placental vascular anomaly characterized by placentomegaly and grapelike vesicles that may coexist with a normal fetus. Ultrasonography performed at 16 weeks of gestation revealed multiple cysts in the placenta along with a morphologically normal fetus. At 24 weeks of gestational age, severe preeclampsia symptoms were seen. And sonographically intrauterine growth restriction (IUGR) and oligohydroamnios were noted. Based on the diagnosis of severe preeclampsia, termination of pregnancy was done. After termination, histopathologic examination of the placenta showed numerous grape-like cystic vesicles throughout the entire placenta and absence of trophoblastic proliferation and pseudoinclusions. We have described a pregnancy complicated with PMD associated with mid-trimester severe preeclampsia, IUGR and oligohydroamnios.