The amphibian oocyte remains arrested in prophase of the first meiotic division until released by the gonadotropin surge which initiates ovulation. Prior studies indicate that the gonadotropins act on the follicle cells surrounding the oocyte to release progesterone, which targets receptors on the oocyte surface. We present evidence that completion of the first meiotic division in Rana pipiens oocytes requires the sequential action of at least two steroids: progesterone and one or more subsequent polar metabolites of progesterone. Progesterone binding to oocyte surface receptors increases during the first 4–5 h, followed by internalization of the plasma membrane together with membrane‐bound progesterone over the next hour. Internalized progesterone is metabolized to highly polar polyhydroxylated steroid(s) prior to nuclear membrane disappearance which occurs at 8–9 h. Polar steroids alone cannot induce meiosis, but can do so in oocytes pretreated with physiological progesterone levels for 1 h. Similarly, the non‐metabolizable progestin R5020 will not induce meiosis but does if oocytes are subsequently exposed to polar steroids. An inhibitor of steroid ‐reductase (4‐methyl‐4‐aza‐steroid) inhibits both progesterone metabolism and progesterone‐induced meiosis. Thus, progesterone binding at the oocyte surface initiates a process which requires polar progesterone metabolites to advance to metaphase of the second meiotic division. Since polar steroids are essential for meiosis and are known to stimulate the Src pathway in other cells, the newly formed polar steroids may initiate the Src signaling pathways associated with cell cycle control in oocytes.