We studied 39 eyes with ocular histoplasmosis and peripapillary neovascular membranes for an average of 12 months. On the basis of clinical findings, 19 were selected for treatment with photocoagulation. Of the treated eyes, 12 (63%) had a visual result of 6/12 (20/40) or better. Of the 20 untreated eyes, six were clinically untreatable and 14 were electively followed up. All but one of the eyes electively followed up had a good visual result. Proximity of the neovascular membrane to the fovea was the most important prognostic factor in determining visual outcome. All eyes with membranes less than 1 4 disk diameter from the fovea lost central vision. All membranes greater than one disk diameter had excellent results. The indications for treatment were prolonged serous or hemorrhagic detachment of the fovea, documented progression of the membrane, and possibly, loss of central vision in the fellow eye from peripapillary disease. Residual and recurrent neovascularization were significant treatment complications.