Sixty‐six determinations of circulating red cell volume (RCV) were performed in 24 normal fullterm and 16 normal premature infants aged 4 hours to 138 days. The correlation between venous haematocrit (vHct) and RCV/kg was analysed. Within the range of vHct studied, 23–67%, the relationship was linear according to the equation: RCV/kg= ‐12.3 + 1.02 vHct. No significant difference in slope or position of the regression lines was found between the full‐term and premature infants. A comparison with adult individuals, taken from the literature, showed an almost identical relationship. The equation is proposed as a formula for prediction of RCV in full‐term and premature infants during the first five months of life. The standard error of estimate for prediction from this formula is approximately 10%. Copyright © 1968, Wiley Blackwell. All rights reserved