We have investigated the modulated structure of the misfit-layered crystal Bi1.8Sr2.0Rh1.6Ox by means of electron diffraction and high-resolution electron microscopy. This compound consists of two interpenetrating subsystems of a hexagonal RhO2 sheet and a distorted four-layered rock-salt-type (Bi,Sr)O block. Both subsystems have common a-, c-axes and β-angles with a = 5.28 Å, c = 29.77 Å and β = 93.7º. On the other hand, the crystal structure is incommensurated parallel to the b-axes, among which b1 = 3.07 Å for the RhO2 sheet and b2 = 4.88 Å for the (Bi,Sr)O block. The misfit ratio, b1/b2 ~ 0.63, characterizes the structural analogue as [Bi1.79Sr1.98Oy]0.63[RhO2]. This compound has two modulation vectors, i.e., q1 = – a* + 0.63b1* and q2 = 0.17b1* + c*, and the superspace group is assigned as the Cc(1β0, 0μ1)-type from the electron diffraction patterns. High-resolution images taken with the incident electron beam parallel to the a- and c-axes clearly show displacive as well as compositional modulations.