Bombyx mori L. (Lepidoptera: Bombycidae) larva was investigated with a transmission electron microscopy to determine hemocytic differentiation in the hemopoietic organ located in the prothorax. Three and/or four types of stem cells in compact islets of the organ were observed. Immatured hemocytes in loose islets of the organ were more differentiated and developed than in compact islets. Four types of hemocytes such as prohemocyte, plasmatocyte, granulocyte and oenocytoid were observed in loose islets. Each type of hemocyte was differentiated from each type of stem cell. However, none of spherulocyte was observed. Each type of hemocytes matured in loose islets was discharged into hemolymph by the tearing of acellular membrane covering the islets. These observation strongly suggests that the four kinds of hemocytes except for spherulocytes first appeared in islets and then moved to the region of loose islets in matured form. The more detailed pathway of hemocytic differentiation in B. mori was represented here.