Viviparity in teleosts involves, invariably, the ovary in a gestational role. This type of viviparity is due to the combination of unique aspects, different from those found in the rest of vertebrates. These aspects are: The ovary has a saccular structure; the germinal epithelium lines the ovarian lumen; the absence of oviducts; and the intraovarian insemination, fertilization, and gestation. The communication of the germinal zone of the ovary to the exterior is via the caudal zone of the ovary—the gonoduct. The germinal epithelium is composed of oogonia and oocytes scattered individually or in cell nests among somatic epithelial cells. In the ovarian stroma the follicles are included which are formed by the oocyte, which is surrounded by follicular cells and the vascularized theca. The oogenesis comprises three stages: chromatin-nucleolus, previtellogenesis, and vitellogenesis. There is no ovulation, as the oocyte is retained in the follicle. During the insemination, the spermatozoa enter into the ovarian lumen and the intrafollicular fertilization occurs, followed by intrafollicular gestation. The intraovarian gestation of poeciliids involves morphological characteristics associated with the intrafollicular embryogenesis and types of nutrition, such as lecithotrophy and matrotrophy. In lecithotrophy, the nutrients come from the yolk reserves stored during oogenesis, whereas in matrotrophy the nutrients are provided by supplies from maternal tissues to the embryo during gestation. The maternal–embryonic metabolic interchanges converge through the development of the association of maternal and embryonic blood vessels, establishing a follicular placenta.