Cryopreserved mammalian semen is generally acknowledged to have an impaired fertility by comparison with fresh semen. The reduction arises from both a lower viability post-thaw and sublethal dysfunction in a proportion of the surviving subpopulation. The reasons for the loss of fertility are various. In this paper, factors affecting the proportion of survivors (e.g., cold shock susceptibility, cooling rate, diluent composition and osmotic stress) and factors influencing functional status of survivors (e.g., membrane stability, oxidative damage, membrane receptor integrity, nuclear structure) are briefly reviewed. The possible effects of cryopreservation on the role of spermatozoa in the early stages of embryogenesis are considered. In the light of this review, indications for new approaches for improving the performance of cryopreserved semen are offered.