In order to discriminate between benign and malignant effusions, the value of carcinoembryonic antigen (CEA), alpha1‐acidglycoprotein (AGP), alpha‐fetoprotein (AFP), phosphohexose isomerase (PHI), and beta2‐microglobulin (B2M) has been estimated in serous effusions in a group of 106 patients, 30 with a malignant and 76 with a benign effusion. Mean CEA and AGP levels in malignant effusions were significantly higher than in benign effusions; no significant differences of mean PHI, AFP and B2M levels of benign and malignant effusions were found. CEA level estimations were useful for confirming malignancy in 27% of malignant effusions but in only 7.5% of all effusions, and AGP and PHI for excluding it in 37.5 and 36.0% of all effusions, respectively. With the combination of CEA with AGP or PHI, a correct diagnosis was achieved in only 45 and 44% of all effusions, respectively. The combination of AFP or B2M with CEA, AGP or PHI did not improve the discriminative value for differentiating malignant and benign effusions. Cancer 50:1783–1788, 1982.