Introduction: Placental malaria is recognized as a complication of malaria in pregnancy in endemic areas with adverse effect on obtstetrics and perinatal-outcome. There is the need to know the prevalence of placental malaria in various environments as well as ascertain its risk and effect on perinatal outcome. Objectives: The study was undertaken to determine the prevalence of placental malaria, its risk factors, and its obstetrics and perinatal outcomes among pregnant women who delivered in Obafemi Awolowo University Teaching Hospitals Complex, Ile Ife. Methodology: This study was a cross sectional study carried out over a 6-months period at the Department of Obstetrics and Gynaecology, Obafemi Awolowo University Teaching Hospitals Complex, Ile Ife. Eligible parturients were enrolled in labor and questionnaires were administered to them. Blood sample was taken from each of the mother in labor for packed cell volume (PCV), blood group and blood film for malaria parasites. Cord blood was taken for PCV and blood film for malaria parasites while placental blood was taken for blood film for malaria parasites after delivery. Neonatal anthropometric measurements were recorded in a standardized proforma.