Vortex ring formation in a starting axisymmetric buoyant plume is considered. A model describing the process is proposed and a physical explanation based on the Kelvin–Benjamin variational principle for steady vortex rings is provided. It is shown that Lundgren et al.'s (1992) time scale, the ratio of the velocity of a buoyant plume after it has travelled one diameter to its diameter, is equivalent to the time scale (formation time) proposed by Gharib et al. (1998) for uniform-density vortex rings generated with a piston/cylinder arrangement. It is also shown that, similarly to piston-generated vortex rings (Gharib et al. 1998), the buoyant vortex ring pinches off from the plume when the latter can no longer provide the energy required for steady vortex ring existence. The dimensionless time of the pinch-off (the formation number) can be reasonably well predicted by assuming that at pinch-of the vortex ring propagation velocity exceeds the plume velocity. The predictions of the model are compared with available experimental results.