A characteristic feature of water buffalo heifers is that they approach breeding maturity later than bovine heifers. From a physiological and endocrinological view, this is related to a later puberty, which affects the overall reproductive performance of water buffalo. The aim of this study was to highlight some morphological characteristics of the water buffalo (Bubalus bubalis) ovaries in the early postpubertal period. The results showed active ovaries of the examined specimens. Some of the follicles had no oocyte, but were with normal structure and physiological activity. Histology is a definitive method for examination of ovarian activity in water buffaloes. In some of the ovulating follicles the oocyte was absent during early puberty. The presence of corpora lutea confirmed the endocrine maturity of the hypothalamus-pituitary-gonadal endocrine axis in 11–14 months old heifers despite the absence of oocytes.