Abstract The rate of the ATP:glucose transphosphorylase reaction catalyzed by yeast hexokinase, isozyme Pii, is inhibited by lowering the pH of the reaction below 7.0, especially at suboptimal concentrations of ATP. This effect of acidity is largely overcome by activators such as orthophosphate, citrate, malate, 3-phosphoglycerate, and riboside triphosphates. Thus, in the acid range, ATP appears to serve both as an activator and a substrate with the result that 1/v versus 1/[ATP] plots are nonlinear. It appears that yeast hexokinase may exist as two conformational isomers, an inactive form which is favored in the acid range and an active form favored by various polyanions or by alkaline pH. The conversion of inactive to active enzyme by citrate is slow, requiring about 1 min at 25° when citrate is added to the reaction mixture after the substrates. When citrate is added to the enzyme simultaneously with both substrates, the reaction begins at the fully activated rate indicating that only the ternary complex can undergo the conversion to inactive enzyme. Equilibrium isotope exchange experiments indicate that citrate activates the glucose ⇄ glucose 6-phosphate, ADP ⇄ ATP, and glucose-6-P ⇄ ATP exchanges equally. This is consistent with the idea that the ternary complex is undergoing the allosteric interconversions. Native hexokinase assayed inside semipermeable yeast cells exhibits the same kinetic properties as the isolated native enzyme, indicating that the activation phenomena may be important in controlling the rate of hexokinase in vivo.