Experiments were performed to evaluate the utility of a perfluorochemical emulsion as an artificial blood substitute for studies of lipoprotein metabolism in rats. Perfusing the liver of fed rats with perfluorochemical emulsion FC-34 at the same rate as a 20% red blood cell (RBC) perfusate, there was comparable oxygen uptake; however, there was a greater release of glucose and production of lactate than in RBC perfused livers. Under the stimulation of a low level of free fatty acid, there was less free fatty acid uptake and less triglyceride secretion in emulsion perfused livers. The lipoprotein secreted contained similar apoprotein, but there was a lower triglyceride to cholesterol ratio in the emulsion perfused liver. In addition to these moderate metabolic alterations, the uptake of radiolabeled chylomicron remnants by the perfused liver was almost completely suppressed when the perfluorochemical emulsion was used as an oxygen carrier. In vivo the presence of the perfluorochemical emulsion (5% of blood volume) decreased the rate of clearance of chylomicron remnants, β-very-low-density lipoprotein (β-VLDL) and cholesterol-rich high-density lipoprotein (HDL c), but not of low-density lipoprotein (LDL). In the presence of the emulsion, the degradation of 125I remnants, but not of [ 125I]LDL, by rat hepatoma cells was inhibited. The perfluorochemical emulsion did not inactivate lipoprotein lipase. The perfluorochemical emulsion did not change the triglyceride concentration or apoprotein composition of chylomicron remnants when they were incubated with the perfluorochemical emulsion at 37°C for 1 hour and reisolated. The detergent used to solubilize the fluorocarbon FC-43, Pluronic F-68, did not affect the removal of chylomicron remnants in vivo. These results suggest that perfluorochemical emulsion specifically affects the interaction between triglyceride-rich lipoproteins and their receptors.