Hemolymph or haemolymph is a body fluid that circulates inside arthropod bodies transporting nutrients and oxygen to tissues, comparable with the blood in vertebrates. It is composed of a plasma in which circulating immune cells called hemocytes are dispersed in addition to many plasma proteins (hemoproteins) and dissolved chemicals. It is the key component of the open circulatory system characteristic of arthropods such as insects, arachnids, myriopods and crustaceans. Some non-arthropod invertebrates such as molluscs and annelids also possess a similar hemolymphatic circulatory system.

In insects, the largest arthropod clade, the hemolymph mainly carries nutrients but not oxygen, which is supplied to the tissues separately by direct deep ventilation through an extensive tracheal system. In other arthropods, oxygen is dissolved into the hemolymph from gills, book lungs or across the cuticle and then distributed to the body tissues via the hemocoel.

Hemolymph fills the whole interior (the hemocoel) of the animal's body and surrounds all cells.

In the grasshopper, the closed portion of the system consists of tubular hearts and an aorta running along the dorsal side of the insect. The hearts pump hemolymph into the chambers — called sinuses — of the hemocoel where exchanges of materials take place. Coordinated movements of the body muscles gradually bring the hemolymph back to the dorsal sinus surrounding the hearts. Between contractions, tiny valves — called ostia — in the walls of the hearts open and allow hemolymph to enter.

Hemolymph contains hemocyanin, a copper-based protein that turns blue when oxygenated, causing the hemolymph to turn from grey to blue-green in color. This contrasts with the iron-based hemoglobin found in the red blood cells of vertebrate blood which turns a brighter red when oxygenated.

The hemolymph of lower arthropods, including most insects, contains nutrients such as proteins and sugars but is not used for oxygen transport. These animals respirate through other means, such as tracheas. Ancestral and functional hemocyanin has, however, been found in the hemolymph of some insects. Insect hemolymph generally does not carry hemoglobin, but hemoglobin may be present in the tracheal system and may play some role in respiration there.

Muscular movements by the animal during locomotion can facilitate hemolymph movement, but diverting flow from one area to another is limited.

Hemolymph can contain nucleating agents that confer extracellular freezing protection. Such nucleating agents have been found in the hemolymph of insects of several orders, i.e., Coleoptera (beetles), Diptera (flies), and Hymenoptera.