Hepatic peribiliary cysts are characterized by multiple tiny cysts of peribiliary glands located in the hilum of the large portal tracts. A 54-year-old man was diagnosed as multiple peribiliary cysts by a magnetic resonance cholangiopancreatogram. A course of observation was taken, since surgery due to misdiagnosis of peribiliary cysts as a malignancy is a possibility. The present case highlights the need for precise diagnosis and observation of peribiliary cysts. (Korean J Gastrointest Endosc 2009;38:368-370)