Squid are members of the class Cephalopoda, subclass Coleoidea, order Teuthida, of which there are two major suborders, Myopsina and Oegopsina (including the giant squids like Architeuthis dux). Teuthida is the largest of the cephalopod orders, edging out the octopuses (order Octopoda) for total number of species, with around 300 classified into 29 families.

The order Teuthida is a member of the superorder Decapodiformes (from the Greek for "ten legs"). Two other orders of decapodiform cephalopods are also called squid, although they are taxonomically distinct from Teuthida and differ recognizably in their gross anatomical features. They are the bobtail squid of order Sepiolida and the ram's horn squid of the monotypic order Spirulida. The vampire squid, however, is more closely related to the octopuses than to any of the squid.