The 31P nuclear magnetic resonance (nmr) spectra of product (phosphoenolpyruvate) and substrate (2-phosphoglycerate) binding to 1:1 molar ratios ot yeast enolase were obtained as functions of the level of various metal ions. Levels sufficient to produce substrate and product binding but not catalysis ( 1 equivalent/subunit), produced shifts (with respect to 86% H 3PO 4) to lower shielding of ca. 30 ppm in the case of Co 2+, 5–8 ppm in the case of Mg 2+, and 2–3 ppm in the case ofCa 2+, but virtual obliteration in the case of Mn 2+. The effects of Mn 2+ and Co 2+ are consistent with a close approach of the metal ions to the phosphate groups. The effects of the physiological cofactor and optimum activator Mg 2+ and the nonactivator Ca 2+ are interpreted as indicating different degrees of distortion of the R-O-P bond angle in the two metal-enzyme-substrate complexes. Levels of Mg 2+ sufficient for optimal or near optimal catalysis (2 equivalents/subunit) produce shifts to higher shielding in the 31P resonances of both substrate and product. These shifts are intermediate between those in the presence of 1 equivalent/subunit and those of the free ligands. Addition of a second equivalent of Ca 2+ produces a slight shift to lower shielding of the phosphoenolpyruvate resonance and a small shift to higher shielding in the resonance for 2-phosphoglycerate. Similar levels of Co 2+ eliminate the resonances for both substrate and product. These effects are interpreted as arising from direct coordination between substrate-dependent metal ion binding and the phosphate esters. Higher levels of Ca 2+, Mg 2+, or Co 2+ or addition of KF, all of which inhibit enzyme activity, have only minor effects on the spectra. The spectrum of inorganic phosphate, a competitive inhibitor, was also examined. KF strongly enhances binding, as does excess Mg 2+, and the binding is accompanied by a chemical shift to lower shielding of ca 2 ppm. This is not due to formation of a magnesium-fluorophosphate complex, consistent with the findings of other workers.