The heart outflow tract (OFT) of primitive fish is formed by two portions: a proximal conus arteriosus and a distal bulbus arteriosus. The OFT of modern teleosts is considered to be formed by a single component, the bulbus, the conus having been lost through evolution. This article challenges the concept of the disappearance of the conus arteriosus in the teleost heart. A total of 28 teleost species belonging to 19 families and 10 orders were analyzed. The hearts were divided into two large groups: those having entirely trabeculated ventricles, and those possessing a compacta. In the hearts having entirely trabeculated ventricles, the conus arteriosus appears as a distinct segment interposed between the ventricle and the bulbus arteriosus, being formed by compact vascularized myocardium. However, the conus of several species lacks vessels. In these cases, the conus presents large intercellular spaces bounded by collagen. In the hearts possessing a ventricular compacta, the conus either appears as a muscular ring of variable length connecting the ventricle and the bulbus or forms a crown or ring of myocardium apposed to the ventricular base. In all the teleosts studied, the conus can be recognized as an anatomic entity different from the ventricle. Furthermore, the conus appears as a distinct heart segment in the developing fish. Therefore, the conus arteriosus has not been lost in evolution and constitutes a fundamental part of the teleost OFT. In all the species studied, the conus supports the OFT valves, which should properly be named conus valves. Anat Rec Part A, 288A:900 -908, 2006.