Triglyceride microsphere emulsified with phospholipid derivative of heme (5,10,15,20-tetrakis[alpha,alpha,alpha,alpha-o-[2,2-dimethyl-20- [2-(trimethylammonioethoxy) phosphonatoxy]eicosanamido]phenyl]porphinatoiron(II); lipidheme) provides a totally synthetic artificial red cell (lipidheme-microsphere; LH-M). Its structure, solution properties and O2 binding ability are described. The particle diameter of the LH-M was ca. 90 nmø elucidated by electron microscopy. Viscosity of the LH-M suspension (approximately 1.5 cP) was much lower than that of human blood and the viscosity of mixed system of LH-M/human blood (1/1(v/v)) was 2.5 cP. Specific gravity, osmotic pressure, and colloid osmotic pressure of the LH-M suspension also satisfied the physiological needs. The LH-M can bind O2 reversibly in response to O2 pressure (P50(O2): 41 torr (pH 7.4, 37 degrees C)). O2 solubility of the LH-M was more than that of human blood caused by its high heme concentration.