Glycogen level was estimated in ovary, liver and muscle tissues of a commercially important estuarine gangetic anchovy female fish Setipinna phasa (Hamilton) during the breeding season. Glycogen level in ovary, liver and muscle tissues can be divided into (i) pre-spawning (November), (ii) spawning (December), (iii) late spawning (January-February) and (iv) post-spawning (March-April) phases. The ovary remains practically inactive during the months of May to October. The level of ovarian glycogen increase in comparison to liver and muscle tissues durirg pre-spawning (November) and the spawning phases (December). But the level of glycogen in the ovarian tissues decreases during post-spawning phase in comparison to liver and muscle tissues. The liver glycogen level increases during late and post-spawning phases. So it is evident that in tune with the gonadal cycle of the fish there is apparent variation in the level of glycogen in different tissues.