An unusual case of papillary carcinoma of the thyroid revealing numerous multinucleated giant cells in the aspiration biopsy cytology is reported. Papillary carcinoma is the most common malignant neoplasm of the thyroid and is frequently diagnosed by aspiration biopsy cytology. Recently, we experienced a case of papillary carcinoma with many multinucleated giant cells in a 55-year-old woman. The cytologic features are described.