Ancient schwannoma (degenerated neurilemmoma) is a rare form of schwannoma characterized by calcification and cystic degeneration. A 42-year old patient presented with a mass in the base of the left great toe, which had existed for eight years and undergone significant enlargement for the past six months. On physical examination, there was a mass, 3x2x2 cm in size, in the lateral aspect and base of the left great toe. Radiographic appearance of the feet was normal. The mass was removed by blunt dissection. No postoperative problems were seen. The histopathological diagnosis of the specimen was made as ancient schwannoma.