An ovarian cyst is a sac filled with fluid, or a semisolid material, that develops on or within the ovary. Ovarian cysts are relatively common and usually disappear without treatment. Update Date: 02/05/2008Peter Chen, MD, Department of Obstetrics & Gynecology, University of Pennsylvania Medical Center, Philadelphia, PA. Review provided by VeriMed Healthcare Network. Also reviewed by David Zieve, MD, MHA, Medical Director, A.D.A.M., Inc.