Age and size-at-maturity of Loligo vulgaris from Portuguese waters were evaluated in order to explain its complex population structure, which is strongly influenced by continuous spawning. Age was obtained by increment counting in statoliths. Maturity ogives by age group indicated that males mature one month earlier (at 277 days) than females (at 298 days). Females mature at a ML50% of 17.6 cm, while males mature at smaller sizes. The later, however, showed a high degree of complexity in the size at maturity with evidence of two size at maturity groups. In both sexes, maturity was ultimately found to be primarily dependent on size rather than age. The effect of hatching season on age-at-maturity, size-at-maturity and reproductive investment was analysed by comparing two groups of squid hatched under distinct environmental conditions, namely the temperature during the first 3 months of life, the cold cohort (CC), hatching between December and March and the warm cohort (WC), hatching between May and September. Significant differences were found between cohorts on age-at-maturity, size-at-maturity and reproductive investment, giving indication of the environmental influences on sexual maturity. CC squid mature ca. 2 months later in life than WC squid and at a significantly larger size. The reproductive investment as measured by GSI was higher in the WC squid. Much of the variability in age and size-at-maturity of females in the population was due to differences between cohorts but this was not the case for males.