A case of a pleomorphic giant cell tumor of the pancreas in a 54 year old man is presented. It produced huge cystic mass in the pancreatic area ultrasonographically. Also multiple loculated pancreatic pseudocyst and multiple low densities in liver were presented in computerized tomography. Pathologically this case was a form of giant cell carcinoma which was called epulis-osteoid type, but the osteoid component in this case was not conspicuous.