The water-soluble fraction (WSF) of petroleum contains a mixture of polycyclic aromatic hydrocarbons, volatile hydrocarbons, phenols, and heterocyclic compounds, considered deleterious to aquatic biota. Marine “pejerrey” Odontesthes argentinensis (Teleostei: Atherinopsidae) has a great commercial importance in local fisheries and a high potential for aquaculture. The aim of this study was to evaluate the histopathological effects in “pejerrey” larvae exposed to different concentrations of petroleum WSF. The chronic toxicity test was conducted with newly hatched larvae exposed for 21 days to sublethal concentrations of WSF (2.5, 5, 10, and 20 % of WSF), plus one control. Survival and growth were significantly lower in the highest concentration. Several histopathological changes were found in the gills (e.g., hyperplasia, aneurisms, edema, and necrosis), kidney (e.g., nuclear alterations, decrease in the hematopoietic cells), and liver (e.g., hypertrophy, karyorrhexis, and karyopyknosis). An index of branchial lesion was proposed to standardize gill lesions to different pollutants.