In the present paper, we provide a revised, comprehensive description of the sporophyte and gametophyte of the swamp fern, Blechnum serrulatum Rich., from neo- and paleotropical localities. External and internal characters of the sporophyte were analysed, including axes, laminae, pinnae, indusia and spores. Intercellular pectic connections of the parenchyma of the rhizomes are reported for the first time. In stipes, cell walls of the aerenchyma tissue contain filamentous protuberances that are composed primarily of cellulose but contain also fatty substances. The morphology of the gametophyte, from spore germination to gametangia formation, is discussed. The taxonomic significance of the characters is considered, especially in regard to the relationship between B. serrulatum and the closely related B. indicum.Laboratorio de Estudios de Anatomía Vegetal Evolutiva y Sistemática