The Census of Marine Life today estimated there are more than one million species in the world's oceans, of which three-quarters are yet to be discovered.
The $US650 million ($669 million) study, released in London, involved 2700 scientists from 80 nations exploring over 10 years.
The census aimed to establish a baseline of marine life in order to measure changes caused by climate change or events like oil spills.
It found 80 per cent of Australia's marine life has not yet been described by scientists.
Australian Conservation Foundation campaigner Chee Chee Leung said earlier work from the census revealed Australia's oceans were the most biodiverse on the planet, with almost 33,000 known species.
But the fact there was still so much unknown life underscored the need for stronger protection for marine areas, she said.
ACF says less than five per cent of Australia's oceans are protected in marine sanctuaries, and this could be improved.
"We urge the government to give strong protection to Australia's unique marine environments to help them recover from overfishing, habitat damage and water pollution," Ms Leung said.
Scientists spent more than 9000 days at sea on more than 540 expeditions for the census, which found more than 6000 potential new species.
Among them were an octopus found on a coral reef near Lizard Island in far-north Queensland, and also discovered in Australia was a shrimp thought to have been extinct for 50 million years.
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