Total lipid contents and the proportions of triacylglycerols and wax esters were examined in 23 species of deep-sea fishes collected between 1977 and 1980 in the Santa Catalina, San Clemente and San Pedro Basins off Southern California, USA. Mean total lipid content ranged from < 1 to 22% of wet weight. Triacylglycerols accounted for 1 to 91% of total lipids present and were more abundant than wax esters in the lipids of all but a single species. Wax ester contents ranged from 0 to 24% of total lipids but in 20 species were < 10% of the lipids. These results do not substantiate the previously suggested idea that wax esters are important constituents of the lipids of deep-sea fishes. Moreover, the hypothesis that wax ester content increases with increasing depth of occurrence is not supported. To assess the importance of the lipids present in buoyancy regulation, the water content and swimbladder inflation of these species were also examined. Neither total lipids nor wax esters appear to play an important role in buoyancy regulation in the majority of these fishes. Eight species have gas-filled swimbladders. Of the species lacking inflated swimbladders, 7 have watery bodies (87 to 95% H20) and 6 with low lipid (= 8.3%) and water (= 85%) contents may need to swim continuously to maintain their position in the water column. Lipids, largely in the form of triacylglycerols, may be important in the buoyancy of three species with lipid contents > 10% of wet weight. Two of these species also possess inflated swimbladders. The reasons for the production of large quantitites of wax esters by certain deep-sea teleosts, especially gonostomatids and myctophids, remain unknown.