Method and apparatus to non-invasively measure fetal blood oxygen saturation levels. Optical sensors capable of producing and detecting multiple wavelengths of tissue penetrating light are placed on the surface of the maternal abdomen, and the light beams directed to pass through at least a portion of the uterus containing the fetus. The fetal heart rate is monitored by Doppler ultrasound, and pure maternal optical signal related to maternal arterial blood flow are also measured. The optical sensors collect composite signals containing both maternal and fetal hemoglobin absorption spectral data and modulated by their respective pulsatile blood flows. The composite signals processed in the time domain and frequency domain, the pure maternal pulsatile optical signal used to extract the maternal contribution to the composite signal, and the fetal pulsatile signal is used to lock onto and extract the fetal contribution to the composite signal, and a fetal blood oxygen level deduced.