Introduction. In his recent papers [23], [24], [25] Petryshyn has introduced and studied class of projectionally compact (P-compact) nonlinear mappings of real Banach space with property (-)K into itself. The main result of this study was an elementary and essentially constructive proof of two fixed point theorems for bounded [23], [24] and unbounded [25] P-compact operators which were then used to derive number of results concerning existence and construction of solutions of various classes of nonlinear equations. Since, as was shown in [25], P-compact operators include, among others, completely continuous, quasicompact, and various classes of monotone operators (in Hilbert space), fixed point theorems (for balls about origin) of Schauder [34], Rothe [32], Krasnoselsky [17], Altman [1] and Kaniel [14] as well as certain existence theorems for monotone operators of Zarantonello [41], Kacurowski [13], Minty [21], Browder [2], [3], Dolph and Minty [10] and others were deduced from results on P-compact operators. Further results for P-compact operators or their extensions have been recently obtained by Lees and Schultz [18], De Figueiredo [8], [9] and Tucker [36]. The purpose of this paper is to continue study and to extend results for P-compact operators obtained in [23], [24], [25] to generalized P-compact or Py-compact operators introduced in [28]. One of our objectives is to show that many properties and results which are true for completely continuous operators carry over to generalized P-compact operators. We now outline briefly main results of this paper. In ?1 we introduce and discuss some basic definitions to be used in this paper. In ?2 we discuss further properties of P-compact and generalized P-compact operators. The main result of this section is Theorem 2.4 which asserts that under certain conditions the Frechet derivative A'(x) is P-compact if and only if A(x) is P-compact. In ?3 we discuss certain properties of linear P-compact operators. The main result of this section is characterization Theorem 3.3 which asserts that a symmetric linear mapping A of Hilbert space into itself is P-compact if and only if A = S+ T where S? 0 and T is completely continuous.