Objectives: A retrospective analysis of short-term variability (STV), a cardiotocography (CTG) parameter, in relation to fetal blood saturation values (FSpO 2 ) obtained by fetal pulse oximetry. Methods: The study included 26 healthy pregnant women monitored continuously during delivery with both cardiotocography and fetal pulse oximetry. Results: Lower FSpO 2 values were observed in the group showing STV levels =<6.0 ms in the 1st stage of labor (44.7+/-3.46% vs. 49.2+/-1.8%), but this result was not statistically significant. In the 2nd stage of labor, FSpO 2 values in the group with STV levels =<6.0 ms were significantly lower than those with STV levels >6.0 ms (34.4+/-2.9% vs. 43+/-7.2%; P<0.001). A positive correlation was found between STV levels =<6.0 ms and mean FSpO 2 values in the 2nd stage of labor. Conclusions: 1. A significant relationship was observed between short-term variability in the cardiotocographic records and fetal blood saturation levels in the 2nd stage of labor. 2. Fetal pulse oximetry can be valuable in assessing fetal wellbeing, especially when CTG records are abnormal.