Perfluorocarbon emulsions have been the topic of intense investigation for many years and presently there are still no absolute indications for their use in clinical practice. The relatively disappointing results of the early clinical studies, as a consequence of using low concentrations of a relatively underdeveloped emulsion, have been responsible for a largely negative impression and it is now essential that the newer second generation emulsions should be judged individually with regard to their efficacy and toxicity under different circumstances. Technological advancement in the fields of chemistry and detergent/emulsifier research will continue and new formulations are being developed which which will require to be tested in models in the laboratory. In the future, this class of drugs will continue to be the topic of intense investigation and their mechanisms of action, which are undoubtedly more complex than the simple carriage of dissolved gases in solution, will be clarified. However, whether fluorocarbon emulsions will ever be used as a 'blood substitute' as was originally anticipated is doubtful.