A prospective cross-sectional study was performed on hydrocephalic infants and children. MRI was used to assess the state of myelination and to quantify the intracranial cerebrospinal fluid (CSF) volume repeatedly in all children. At the same time, neurodevelopmental testing was performed. A positive correlation was found between the progress of myelination and psychomotor development, but there were no significant correlations between CSF volume and myelination or between CSF volume and psychomotor development. This study provides strong evidence in favour of Flechsig's thesis that myelination expresses the functional maturity of the brain. The interdependency of neuronal maturation and progress of myelination are discussed.