Salcedo-Vargas and Okutani (1994) proposed a generic and subgeneric classification based on actual or presumed morphological similarity. Considerable modification of this classification subsequently was proposed by Salcedo-Vargas (1997) and formal subgeneric names were dropped. His 1997 classification is as follows:

Idioteuthis Sasaki, 1916????

1. Group A: I. cordiformis, I. latipinna
   
2. Group B: I. hjorti, I. okutanii
   
3. Group C: I. famelica, I. danae, I. tyroi

Mastigoteuthis Verrill, 1881

1. Group A: M. inermis, M. magna
2. Group B: M. agassizii, M. grimaldii, M. pryodes, M. dentata*
3. Group C: M. glaukopis, M. atlalntica, M. iselini*, M. psychrophila*
   

*Salcedo-Vargas indicated that these species need to be re-evaluated.

The recognition of some species and the above alignment of species differs considerably from that presented here.

A list of all nominal genera and species in the Mastigoteuthidae can be found here. The list includes the current status and type species of all genera, and the current status, type repository and type locality of all species and all pertinent references.

Species of doubtful validity or uncertain status are described here. These species are: Mastigoteuthis latipinna, Mastigoteuthis islini, Mastigoteuthis inermis, Mastigoteuthis okutanii and Chiroteuthoides hastula.