The diet and feeding behaviour of Illex argentinus were determined from analysis of stomach contents of squid caught during four bottom trawl surveys carried out over the Bonaerensis (34–40°S, autumn–winter 1991) and Patagonian (45–55°S, summer–autumn 1992) shelves of Argentina. Crustaceans, mainly Themisto gaudichaudii and, to a lesser extent, euphausiids were the most important components of the diet in both areas and years, although there were considerable geographical differences in the relative proportion of the main prey. In the Patagonian area, during summer and autumn of 1992, almost all squid preyed on crustaceans (percentage occurrence = 85.29%), followed by squid (11.76%) and fish (2.94%). On the Bonaerensis shelf, during autumn and winter of 1991, crustaceans were most important by percentage occurrence (56.96%), but fish and squid accounted for a large proportion of the diet (29.41% and 13.62% respectively). Myctophids were prevalent among the fish and cannibalism was on I. argentinus juveniles. Changes in diet composition with squid size demonstrated the opportunistic nature of I. argentinus feeding. Although large squids were able to catch large prey (fish, squid), they also fed on small crustaceans when available, especially in the Patagonian area. The relative abundance of different prey organisms probably determined the diet. In both areas and both years I. argentinus fed mostly during daylight hours, starting in the morning and reaching a maximum in the afternoon. No difference in feeding behaviour was observed between the sexes.