The number of valid species in the genus Pungitius is uncertain due to the wide geographic variation in morphology and plasticity of many characters. Currently, two to eight species are recognized. Keivany et al. (1997) confirmed the validity of P. hellenicus and recognized three valid species in Pungitius, namely, P. hellenicus, P. platygaster, and P. pungitius. In order to assess the taxonomic status of various nominal taxa, we examined 266 specimens of the five nominal species often referred to as P. pungitius complex; P. laevis, P. pungitius, P. tymensis, P. sinensis, and P. occidentalis. Osteology and some meristic features of the nominal taxa were studied and morphometric characters are discussed. We find no evidence to justify recognizing four of the nominal species as valid, however, we recognize five valid subspecies in P. pungitius; P. p. laevis, P. p. pungitius, P. p. tymensis, P. p. sinensis, and P. p. occidentalis. The three species and five subspecies are described, a key to the species and subspecies is provided, and the taxonomy of the taxa is discussed.