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The primary function of the placenta during pregnancy is to facilitate nutrient and gas exchange between the mother and the fetus. This organ acts as a vital interface, allowing essential substances such as oxygen and nutrients to pass from the mother’s bloodstream into the fetal circulation while simultaneously enabling the removal of waste products like carbon dioxide from the fetus back into the mother's bloodstream. This exchange is crucial for the proper development and growth of the fetus throughout gestation.

While the placenta does produce hormones that are essential for supporting pregnancy and maintaining the maternal environment conducive to fetal growth, its most critical role is in the exchange of nutrients and gases. This exchange directly impacts fetal health and development, making it the standout function of the placenta during pregnancy. The placenta also provides a degree of protection from some infections, but it is not the primary role; therefore, the focus remains on its function in nutrient and gas exchange.