The involvement of cyclic 3′,5′ AMP has been examined in the regulation of protein synthesis by ACTH, epinephrine and insulin in fat cells isolated from rat epididymal adipose tissue. Cyclic AMP was measured in fat cell suspensions by radioimmunoassay and found to be 7.9 ± 0.63 pmoles/mg protein. The cyclic 3′,5′ GMP level was an order of magnitude lower at 0.46 ± 0.07 pmoles/mg protein and was unaffected by ACTH, epinephrine or insulin. Increasing doses of theophylline, ACTH and epinephrine produced a progressive increase in cyclic AMP levels and glycerol release coupled with a reciprocal inhibition of protein synthesis. For the same elevation of cyclic AMP levels, ACTH inhibited protein synthesis to a greater degree than epinephrine while theophylline produced an inhibition much greater than either of the lipolytic hormones. Dibutyryl cyclic AMP, 0.05–5.0 mM, produced an increasing rate of lipolysis with a concomitant decrease in the rate of protein synthesis. Time course studies revealed that cyclic AMP levels were elevated by 1 min, peaked between 5–10 min and slightly declined from the peak by 30 min in the presence of theophylline, ACTH and epinephrine. The stimulation of lipolysis and inhibition of protein synthesis by epinephrine, ACTH, theophylline and dibutyryl cyclic AMP was at constant rates, once established. Although a causal relationship may exist between cyclic AMP elevations and inhibition of protein synthesis, the data suggests that certainly theophylline and dibutyryl cyclic AMP have other actions on adipocytes that caused the greater degree of inhibition of protein synthesis. Insulin at 100, 500, or 1000 μU/ml caused no change in cyclic AMP levels of fat cells throughout a 30-min incubation period while the same doses of insulin stimulated protein synthesis reaching 150% of the control. Insulin did not alter the elevations of cyclic AMP caused by ACTH or epinephrine but completely overcame the inhibition of protein synthesis caused by these hormones. In contrast, insulin had no effect on either the elevation of cyclic AMP or inhibition of protein synthesis caused by theophylline. Insulin appeared to stimulate protein synthesis by a mechanism other than regulation of cyclic AMP levels. (Endocrinology90: 1277, 1972)