Abstract The characteristics of the major follicular waves (primary and secondary) throughout estrous cycle were studied in 7 healthy Caspian mares (age, 4-15 years; weight, 198.6 ± 0.9 kg) during the breeding season. Ovarian follicular dynamics were monitored by using an ultrasound scanner equipped with a 5-MHz, B-mode, linear-array, rectal transducer throughout 2 complete estrous cycles. The diameters of antral follicles (5 mm) were measured, averaging the narrowest and widest dimensions. To detect follicular wave emergence, the diameter profile of the 3 largest follicles per ovary of each mare was determined without considering day-to-day identity of follicles but with maintenance of distinction between left and right ovaries. The primary waves originated on day 6.4 ± 0.81 (ovulation = day 0) when the mean diameter of ovarian follicles was 9.6 ± 1.05 mm. Divergence between the dominant preovulatory follicle and subordinate follicles occurred on day 13.4 ± 0.81, when the dominant follicle was 18.1 ± 2.67 mm in diameter. The intervals from emergence to divergence and from divergence to ovulation were 7 ± 0.68 and 8.7 ± 0.68 days, respectively. Secondary major follicular waves were not observed during this study. In conclusion, only 1 major follicular wave was detected in a Caspian mare, confirming the data previously described in other equine breeds. It is also indicated that the occurrence of 1 major follicular wave per cycle is a more common phenomena in equine species.