The reproductive cycle of the flat oyster, Ostrea edulis Linnaeus, 1758, in Homa Lagoon, Izmir Bay, Turkey was examined from August 2008 to July 2009. Gonad samples were analysed histologically in order to determine the sex ratio and gonad development stage. Overall, the sex ratio was recorded as 2.2% female, 42.6% male, 37% hermaphrodite and 17.9% inactive. Glycogen content showed considerable variations between August and February, but decreased gradually thereafter. However, glycogen did not directly affect the reproductive cycle. Total lipid content was positively correlated with temperature and inversely correlated with salinity. In addition, this parameter was influenced by the reproductive activity, which is correlated with the fluctuation of the condition index and gonad index (P<0.05). However, the relationship between the protein index and the gonad index was negative (P<0.05). The results of this study showed that protein was the major energy resource. The condition index varied between 2.69 +/- 0.91 (February) and 12.29 +/- 1.45 (April) during the year. With respect to meat yield, oyster quality changed from "fine" to "special", except in December and February.