Since the early nineteen-twenties whaling in the Antarctic has dominated the world's whaling industry. In recent years, however, there have been increasing signs that the Antarctic industry is approaching an important crisis. There is no doubt that too many whaling expeditions are pursuing too few whales. This article attempts to review the present position of the industry, first dealing very briefly with the biology of the commercially important whales and the history of whaling generally and then discussing the development of Antarctic whaling and the events which have led to the present situation.