Uridine diphosphoglucose (UDPG) dehydrogenase (UDPglucose:NAD + oxidoreductase, EC 1.1.1.22) has been purified to apparent homogeneity from rat liver supernatant (105 000 × g). The enzyme was found to be NAD + specific and had maximal velocity at pH 9.4. It was also fairly active at pH 8.6 and under these conditions, it was allosterically inhibited by UDPxylose. However, at pH 9.4 the inhibition by this compound was competitive in nature. In the absence of the coenzyme, the enzyme could bind the substrate rather firmly. The binding of the substrate at pH 9.4 was accompanied by alterations in the protein resulting in partial dissociation of subunits as could be seen from the elution profiles on Sephadex G-100. The addition of the coenzyme prevented these changes. The enzyme showed an approximate molecular weight of 300 000 and seemed to be tetrameric after sodium dodecyl sulphate treatment. The kinetics of the enzyme in the native form and the dissociated state showed variations in affinity for the substrate with the respective K m values of 7.56·10 −5 M and 1·10 −3 M. This was in keeping with the amount of substrate ([U- 14C]UDPG) retained on the kinetically inactive enzyme in undissociated and dissociated forms. The results show that the pH-dependent loss of regulatory property was related to the substrate-induced partial disaggregation of the protein.