CO2-fixation in the dark is known to occur in various organs of many plants. However, only in species possessing crassulacean acid metabolism (CAM) does dark CO2-fixation contribute substantially to the carbon economy of the plant. Until very recently CAM was known only from terrestrial species, largely drought adapted succulents. The discovery of CAM in the submerged aquatic fern ally Isoetes howellii (Isoetaceae)(Keeley 1981) adds a new dimension to our understanding of crassulacean acid metabolism. In this paper I will summarize 1) the evidence of CAM in Isoetes howellii, 2) the data on the distribution of CAM in aquatic species, and 3) the work to date on the functional significance of CAM in aquatic species.