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It is debatable what these modern "monsters" might be. Possibilities include frilled shark, basking shark, oarfish, giant squid, seiches, or whales. For example Ellis (1999) suggested the Egede-rellis-phooba monster might have been a giant squid. Other hypotheses are that modern-day monsters are surviving specimens of giant marine reptiles, such as ichthyosaur or plesiosaur, from the Jurassic and Cretaceous Periods, or extinct whales like Basilosaurus.

In 1892, Anthonid Cornelis Oudemans, then director of the Royal Zoological Gardens at The Hague saw the publication of his The Great Sea Serpent which suggested that many sea serpent reports were best accounted for as a previously unknown giant, long-necked pinniped.

It is likely that many other reports of sea monsters are misinterpreted sightings of shark and whale carcasses, floating kelp, logs or other flotsam such as abandoned rafts, canoes and fishing nets.

Sea monster corpses have been reported since recent antiquity (Heuvelmans 1968). Unidentified carcasses are often called globsters. The alleged plesiosaur netted by the Japanese trawler Zuiyo Maru off New Zealand caused a sensation in 1977 and was immortalized on a Brazilian postage stamp before it was suggested by the FBI to be the decomposing carcass of a basking shark. Likewise, DNA testing confirmed that an alleged sea monster washed up on Fortune Bay, Newfoundland in August, 2001, was a sperm whale.

Another modern example of a "sea monster" was the strange creature washed up on the Chilean sea shore in July, 2003. It was first described as a "mammoth jellyfish as long as a bus" but was later determined to be another corpse of a sperm whale. Cases of boneless, amorphic globsters are sometimes believed to be gigantic octopuses, but it has now been determined that sperm whales dying at sea decompose in such a way that the blubber detaches from the body, forming featureless whitish masses that sometimes exhibit a hairy texture due to exposed strands of collagen fibers. The analysis of the Zuiyo Maru carcass revealed a comparable phenomenon in decomposing basking shark carcasses, which lose most of the lower head area and the dorsal and caudal fins first, making them resemble a plesiosaur.

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