The spionid worm Pygospio elegans is a convenient model for regeneration studies due to its accessibility, high tolerance, and ease of maintenance in laboratory culture. This article presents the findings regarding neuroregeneration and the structure of the nervous system based on antibody labeling of serotonin and FMRFamide. We propose the main stages of central nervous system neurogenesis during regeneration: single nerve fibers, a loop structure, and neurons in the brain and segmental ganglia. Nerve fibers and receptor cells of the peripheral nerve system can be traced to different stages of regeneration. We also provide a comparison of our results with previous data on the structure and regeneration of the nervous system based on antibody labeling of catecholamines, gamma-aminobutyric acid, and histamine and with the results for other annelids.