Two initiation factors of protein synthesis designated here as IF‐S1 and IF‐S2 have been isolated from rat liver cytoplasm. The factors are separated by gel filtration of a supernatant obtained at 150000 ×g on Sephadex G‐200 from one another and are purified further by chromatography on hydroxyapatite and DEAE‐cellulose columns. Both factors stimulate poly‐(phenylalanine) synthesis at low Mg2+ concentrations in the presence of elongation factors EF‐1 and EF‐2. The factor EF‐S1 stimulates the binding of AcPhe‐tRNA and fMet‐tRNA to the small ribosomal subunit. This reaction is dependent on GTP; β,γ‐methylene‐guanosine triphosphate can replace GTP. IF‐S2 is active in the coupling of 40‐S and 60‐S subunit to active 80‐S initiation complexes. This activity depends on poly(U), on Phe‐tRNA and partially on GTP. Similarities and possible analogies between the initiation factors described here with those described by other authors arc discussed.