The aim of this paper is to reflect on the particularities and vicissitudes of fetal death, focusing on the virtuality of the lost object (embryo or fetus). Fetal death occurs in a moment of oscillation between differentiation and undifferentiation. During pregnancy the psychic structure begins to change in order to prepare the future parents for the maternal and paternal role. Fetal death abruptly interrupts this process, thus demanding a particular psychological work. Dealing with fetal death affects everyone around, although more evidently the family, but also health professionals. Sometimes, the mourning may not be possible, because it may be difficult to include the event in a symbolic chain that allows its development and internalization. In such cases, the path of melancholy stands out, because often its an easier option for parents. In melancholy, what was lost is not clear, loss is refused by a narcissistic identification; melancholic people maintain the object inside. Parents who lost their children so early have to find a way to cope with the unbearable, and the importance of creative possibilities should be highlighted.