This paper was aimed at re-examining the validity of the results from Cahuin et al. (Estuar. Coast. Shelf Sci. 84, 2009) and identifying a model to describe the stock-recruitment relationship of the Peruvian anchoveta (Eugraulis ringens). Regression analysis was used to determine if density-dependent effects were present. The analysis did not show the existence of any densitydependent effects. It is important to use environmental factors and take observational and process errors into account when attempting to identify density-dependent effects in fish populations. Sea surface temperature (SST) and Southern Oscillation Index (SOI) were used as independent variables to fit the recruitment dynamics of the anchoveta. Both SST and SOI were found to be significantly important parameters in structuring anchoveta dynamics according to Akaike Information Criterion (AIC) and R² values. The results of this study do not correlate with the findings of Cahuin et al., (2009), where density-dependent effects and the presence of regimes were detected. In conclusion, the recruitment R_t is essentially determined in proportion to spawning stock biomass S_t, and then environmental factors in year t further change the recruitments. This mechanism is completely same with that for Japanese sardine proposed by Sakuramoto (The Open Fish. Sci. 5, 2012).