Emission spectra and transient behavior of fluorescence in Porphyridium cruentum have been studied in search of the pathway of excitation energy from the phycobilisome to Photosystem I (PS I) of photosynthesis. For activating light at 436 nm, absorbed almost entirely by chlorophyll, fluorescence is dominated by the 718 nm band generally attributed to chlorophyll of PS I. Activating light at 550 nm, absorbed mostly by the phycobilisome, gives rise to the distinctive fluorescence band of PS II chlorophyll at 696 nm but also gives a large component at 718 nm. Analysis depends critically upon the source of emission at 718 nm under 550 nm activation: does it arise from PS I or PS II? Ley and Butler (Ley, A.C. and Butler, W.L. (1976) Proc. Natl. Acad. Sci. U.S.A. 73, 3956–3960) have proposed that the 718 nm arises mostly from PS I, to which it is transferred by spillover from PS II. We suggest a different proposition: that under 550 nm activation most of the 718 emission arises from PS II. Analysis shows that this proposition provides an alternative explanation. Using the small change in fluorescence yield observed under 436 nm activation as a monitor of excitation in PS I, we provide evidence that under 550 activation most of the 718 nm fluorescence arises from PS II.