The Olacaceous endemic genus Phanerodiscus Cavaco is revised for Madagascar. Three species are recognized, including a new one, Phanerodiscus capuronii V. Malécot, G.E. Schatz & Bosser, named in order to designate the taxon bearing the invalid name "Phanerodiscus louveli" Capuron. Phanerodiscus perrieri var. orientalis Cavaco & Keraudren is excluded from the genus, as the type specimen belongs to Anacolosa pervilleana Baill., whereas all the remaining specimens belong to Phanerodiscus capuronii. The three recognized species are separated mainly on the basis of fruit appendages and distribution. Identification keys are provided in order to distinguish these three species on the basis of fruits, flowers and leaf morphology.