Abstract The regeneration of the hypothalamo–hypophyseal system (HHS) has been studied in the sterlet following hypophysectomy (HypoX). Significant portions of non-apeptide and corticoliberinergic (CRH) neurosecretory cells (NSCs) underwent degeneration. Surviving NSCs had a great regenerative ability; damaged axons formed anew, uncharacteristicly for intact fishes, axovasal and axoventricular contacts. There are some specific features of the reorganization of the ANHyp in sterlet after HypoX: (a) blood capillaries from the meninges penetrate deep into the wall of the infundibular recess and form unusual axovasal contacts; (b) “neurovascular regeneratory complexes” appear; (c) single CRH-immunoreactive axons grow into the meninges. Morphological data show progressive appearance of dendroventricular contacts in the preoptic nucleus, formation of new axoventricular and axovasal contacts, and activation of surviving NSCs after HypoX. An ability to reorganize HHS to release neurohormones into the CSF and bloodstream is suggested.