Polypterus, a member of the most primitive living group of ray‐finned fishes, has demonstrated the ability to perform fin‐assisted terrestrial locomotion, a behavior that indicates a complex pectoral musculoskeletal system. Review of the literature reveals that many aspects of the pectoral muscular anatomy of Polypterus are still unclear, with a number of conflicting descriptions. We provide a new interpretation of the pectoral musculature using soft tissue‐enhanced microCT scanning and gross anatomical dissection. The results demonstrate a complex musculature, with six independent muscles crossing the glenoid‐fin joint. Comparisons with other bony‐fish (Osteichthyes), including both ray‐finned (Actinopterygii) and lobed‐fin (Sarcopterygii) fish, indicate the presence of novel muscles within Polypterus: coracometapterygialis I+II and the zonopropterygialis medialis. Examination of these muscular additions in the context of osteichthyan phylogeny indicates that this represents a previously unrecognized event in the evolution of pectoral musculature in Osteichthyes. Despite its phylogenetic position as a basal actinopterygian, the musculature of Polypterus has more similarities both anatomically and functionally with that of sarcopterygians. This anatomy, along with other features of Polypterus anatomy such as lobed fins, ventral paired lungs, and a large spiracle, may make it a good model for inferences of stem tetrapod locomotion.