In this paper, the maximal product of two fuzzy graphs is defined. It is proved that when two fuzzy graphs are effective then their maximal product is always effective. Also it is proved that the maximal product of two connected fuzzy graphs is connected. The degree of a vertex in the maximal product of two fuzzy graphs is obtained. It is illustrated that when two fuzzy graphs are regular then their maximal product need not be regular. But it is proved that the maximal product of two regular fuzzy graphs is regular with some restrictions.