As the malaria parasite develops within the erythrocyte, a series of molecules are produced, which find their way first across the parasitophorous vacuole membrane, then through the system of membranous clefts in the cytoplasm of the infected cell, to end up associated with the erythrocyte membrane. The domains of the erythrocyte-associated malaria antigens which are exposed at the cell surface are readily recognised by the host's immune system and represent important targets in the early stages of acquired immunity to malaria. The malaria parasite, in turn, appears to have developed some very effective mechanisms of escaping this immune response, including sequestration and antigenic variation. This paper reviews recent findings in the field of erythrocyte-associated malarial antigens and discusses these findings in the context of disease severity and malaria immunity.