A case of lymphangioma of the pancreas in a 49-year-old woman is presented. The patient noticed a left hypochondral mass, which was clinically diagnosed as a multicystic tumor of the pancreas. A partial pancreatectomy and splenectomy were performed. The surgical specimen showed a multicystic mass measuring 13 X 9 X 5 cm which occupied the anterior region of the body and tail of the pancreas. From the light and electron microscopic findings, the multicystic mass was diagnosed as a lymphangioma with cystic and cavernous features. A small glucagonoma was incidentally found in the tail of the resected pancreas. The previous literature of pancreatic lymphangiomas is reviewed and the clinico-pathologic characteristics of this tumor are discussed.