Fluid obtained from rat fetuses was utilized to characterize the affinity, number of binding sites, and the association and dissociation rate kinetics of the binding of estradiol and estrone to AFP. Statistical analysis demonstrated no differences when the values for the AFP-estradiol interaction were compared with those obtained for the ATP-estrone interaction. These data demonstrate that rat AFP specifically binds estradiol and estrone with a high capacity, high affinity, and similar binding kinetics.