1. 1. [1- 14C]Stearic acid in rat serum or human serum albumin solution was injected intraportally into carbohydrate refed, immature male rats weighing 80–100 g. Livers were removed at 5, 10, 20, 30 and 60 sec after injection. 2. 2. During this time there is rapid incorporation of label into liver 1,2-diglycerides, triglycerides and phospholipids. 3. 3. 1,2-Diglycerides are present in a concentration of about 1 μmole per whole liver in these small rats. The insignificant amounts of label found in fractions expected to contain phosphatidic acids and the absence of a lag in the incorporation of stearic acid into 1,2-diglycerides suggest that phosphatidic acids must be present in exceedingly low concentrations. 4. 4. In two experiments one third to one half of the label in liver total esters was recovered in oleic acid at 60 sec. 5. 5. At all times oleic acid label was found mainly in triglycerides and 1,2-diglycerides, while most of the stearic acid label was recovered in the phospholipid fraction. 6. 6. Further fractionation of total 1,2-diglycerides and total glycerophosphatides according to degree of unsaturation was achieved by conversion to acetylated 1,2-diglycerides and subsequent thin-layer chromatography on silver nitrate-silica gel. 7. 7. The predominant glycerophosphatide subgroup contains arachidonic acid balanced mainly by stearic and some palmitic acid. A poorly defined fraction contains an acid tentatively identified as docosahexaenoic acid, balanced mainly by palmitic and some stearic acid. The equivalent subfractions are also identified in the 1,2-diglycerides ; however, the largest fraction in the latter is the mono-unsaturated one, containing palmitic and oleic acid, but almost no stearic acid. 8. 8. The distribution at different times of oleic and stearic acid label between the ester fractions and subfractions found in these experiments permits the following conclusions : (a) Results are entirely consistent with the assumption that desaturation of stearic acid in the intact rat liver occurs exclusively at the stearoyl-CoA level, pro- ducing oleoyl-CoA. (b) Incorporation of stearic acid into glycerophosphatides by direct acylation as proposed by Lands, accounts for nearly all the stearic acid label introduced into that fraction. Total synthesis de novo, at least of the polyenoic fatty acid-containing glycerophosphatides, proceeds at a much slower rate, (c) In these refed rats an approximately equal amount of oleic acid label is introduced into triglycerides via preliminary formation of 1,2-diglycerides and with the third fatty acid unit used to acylate those 1,2-diglycerides.