<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2003-12-31</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000097745</issuerCik>
        <issuerName>THERMO ELECTRON CORP</issuerName>
        <issuerTradingSymbol>TMO</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001190290</rptOwnerCik>
            <rptOwnerName>ULLIAN ELAINE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>81 WYMAN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>P.O. BOX 9046</rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>024549046</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>1</isDirector>
			<isOfficer>0</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
		</reportingOwnerRelationship>
	</reportingOwner>
	<derivativeTable>
		<derivativeTransaction>
			<securityTitle>
				<value>Phantom Stock Units</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>0.00</value>
				<footnoteId id="F1"/>
			</conversionOrExercisePrice>
			<transactionDate>
				<value>2003-12-31</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>A</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>695.27</value>
				</transactionShares>
				<transactionPricePerShare>
					<footnoteId id="F2"/>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<exerciseDate>
				<footnoteId id="F2"/>
			</exerciseDate>
			<expirationDate>
				<footnoteId id="F2"/>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>695.27</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>6203.24</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeTransaction>
	</derivativeTable>
	<footnotes>
		<footnote id="F1">Convertible into Common Stock on a 1-for-1 basis.</footnote>
		<footnote id="F2">Represents stock units credited to the Reporting Person's account as of December 31, 2003, at a price of $25.17 per unit pursuant to the Issuer's exempt Deferred Compensation Plan for Directors (the 'Plan').  Director's fees and retainers are deferred quarterly under the Plan as Common Stock based on the average closing price of the stock for the 5 days prior to the end of the quarter and are distributable as stock upon cessation of director service, death, retirement or a change of control.</footnote>
	</footnotes>
	<ownerSignature>
		<signatureName>By: Barbara J. Lucas, Attorney-in-Fact for Elaine S. Ullian</signatureName>
		<signatureDate>2004-01-05</signatureDate>
	</ownerSignature>
</ownershipDocument>
[{"type": "4", "sequence": "1", "filename": "ull197.xml", "secsgml_size_bytes": 3645}]
X0201
4
2003-12-31
0
0000097745
THERMO ELECTRON CORP
TMO
0001190290
ULLIAN ELAINE
81 WYMAN STREET
P.O. BOX 9046
WALTHAM
MA
024549046
1
0
0
0
Phantom Stock Units
0.00
2003-12-31
4
A
0
695.27
A
Common Stock
695.27
6203.24
D
Convertible into Common Stock on a 1-for-1 basis.
Represents stock units credited to the Reporting Person's account as of December 31, 2003, at a price of $25.17 per unit pursuant to the Issuer's exempt Deferred Compensation Plan for Directors (the 'Plan').  Director's fees and retainers are deferred quarterly under the Plan as Common Stock based on the average closing price of the stock for the 5 days prior to the end of the quarter and are distributable as stock upon cessation of director service, death, retirement or a change of control.
By: Barbara J. Lucas, Attorney-in-Fact for Elaine S. Ullian
2004-01-05