Provided is a method of calibrating a pulse oximeter, in which the effects caused by tissue of a subject can be taken into account. A detector output signal is measured when living tissue of the subject is present between emitters and the detector in a sensor. Nominal calibration and nominal calibration characteristics are read from a memory, whereupon values for the same nominal characteristics for the sensor on living tissue of the subject are established using the detector output signal. Then, changes in the nominal calibration characteristics induced by the living tissue are calculated and a subject-specific calibration is formed by correcting the nominal calibration with the changes. Finally, the hemoglobin fractions are solved using the corrected nominal calibration.
