Serum zinc is known to decrease during pregnancy, but the range of individual values at the end of normal gestation may be considerably large, with uncertain physiological significance in terms of maternal zinc status and maternal-fetal transfer of zinc. In this study we compared several maternal and cord blood indices of zinc status, placental zinc, placental metallothionein and the relationship between maternal, cord and placental components, in 40 healthy pregnant women at delivery with different levels of serum zinc. Subjects were divided into three groups according to serum zinc using as cutoff points the lower and upper quartile values [LZn, < 7.6 µmol/l (n = 10); MZn, 7.6–10.7 µmol/l (n = 20), and HZn, > 10.7 µmol/l (n = 10)]. Habitual zinc intakes were similar in all groups (average 11.5 mg/day). Considering all women, maternal serum and erythrocyte zinc correlated significantly (r = 0.40; p = 0.021). Maternal erythrocyte zinc was higher (p < 0.01) in HZn compared to the other groups. Maternal and cord values of serum zinc correlated significantly (r = 0.43; p = 0.006). Cord serum zinc values were very similar in LZn and MZn but were higher (p < 0.01) in HZn. Cord erythrocyte zinc levels were similar in all groups and about 20–25% of the maternal values. Cord erythrocyte metallothionein levels were also similar in all groups and similar to maternal values. Comparing the percentage distribution of zinc in maternal and cord serum fractions, major differences were observed in HZn, with zinc in albumin fraction being 70% in cord compared to 56% in maternal serum. There was a higher (p < 0.01) percentage of zinc bound to α2-macroglobulin fraction in maternal serum of HZn compared to maternal serum of the other groups. Maternal and cord zinc in the albumin fractions correlated significantly (r = 0.48; p = 0.002) particularly in HZn (r = 0.71; p < 0.021). Placental zinc correlated negatively (r = ––0.34; p = 0.035) with zinc in the maternal α2-macroglobulin fraction, but did not relate to placental metallothionein, which had similar levels in all groups (average 0.28 nmol/g wet tissue). Placental zinc levels were lower (p < 0.01) in HZn. Our results indicate that high levels of maternal serum zinc in healthy women at delivery may be related to maternal tissue zinc redistribution that could favor diffusional components of maternal-fetal transfer of zinc.