We report a case of primary cutaneous cryptococcosis in a 63-year-old female, who had a painful deep ulceration on the left forearm for 2 months. Histopathological examination showed numerous encapsulated round spores in the dermis and subcutis. A tissue culture on Sabouraud's media without cycloheximide showed whitish creamy colonies and revealed budding yeast cells in lactophenol cotton blue preparations. The organism was identified as Cryptococcus neoformans. The lesion was successfully treated with oral fluconazole(400 mg/day) for 2 months combined with surgical debridement. (Korean J Dermatol 2000;38(6)：838~840)