The designation term pregnancy and the distinction between term, preterm, and postterm pregnancy carry with them significant clinical implications with respect to the management of pregnancy complications. Although the potential hazards of both preterm birth and postterm pregnancy have been long recognized, little attention has, until recently, been given to the differential morbidity experienced by neonates born at different times within the 5-week interval classically considered term gestation. This article is a reevaluation of the concept of term pregnancy in light of current data.