Placental chorioangioma is the most common benign tumor of the placenta. However, clinically evident chorioangiomas are less common with an incidence ranging between 1:3,500 and 1:9,000 births. In the majority of cases, it is small or microscopic and of no clinical significance. If it increases more than 5 cm in size, then it may be associated with serious maternal complications such as mirror syndrome, polyhydramnios, preeclampsia, antepartum hemorrhage, preterm labor and delivery, and postpartum hemorrhage, as well as fetal complications such as fetal anemia, fetal thrombocytopenia, fetal hydrops, intrauterine growth restriction, fetal demise, and neonatal death. Giant chorioangioma associated with polyhydramnios leads to high perinatal morbidity and mortality. Chorioangioma with complications before fetal viability needs interventions. Conservative management with close surveillance can be considered in selective cases. We report a case of giant placental chorioangioma complicated with severe polyhydramnios managed conservatively with favorable maternal and fetal outcomes.