Due to their boom and bust population dynamics and the enormous biomasses they can attain, jellyfish and ctenophores can have a large influence on the cycling of carbon (C), nitrogen (N) and phosphorus (P). This review initially summarises the biochemical composition of jellyfish, and compares and contrasts the mechanisms by which non-zooxanthellate and zooxanthellate jellyfish acquire and recycle C, N and P. The potential influence of elemental cycling by populations of jellyfish on phytoplankton and bacterioplankton production is then assessed. Non-zooxanthellate jellyfish acquire C, N and P predominantly through predation on zooplankton with smaller contributions from the uptake of dissolved organic matter. C, N and P are regenerated via excretion of inorganic (predominantly ammonium (NH₄ ⁺) and phosphate (PO₄ ³⁻)) and dissolved organic forms (e.g. dissolved free amino acids and dissolved primary amines). Inorganic nutrients excreted by jellyfish populations provide a small but significant proportion of the N and P required for primary production by phytoplankton. Excretion of dissolved organic matter may also support bacterioplankton production but few data are available. In contrast, zooxanthellate medusae derive most of their C from the translocation of photosynthetic products, exhibit no or minimal net release of N and P, and may actively compete with phytoplankton for dissolved inorganic nutrients. Decomposition of jellyfish blooms could result in a large release of inorganic and organic nutrients and the oxygen demand required to decompose their tissues could lead to localised hypoxic or anoxic conditions.