Mitochondrial and cytosolic contents of adenine nucleotides and phosphate were measured in perfused rat livers employing a technique of fractionation of freeze-fixated tissue in non-aqueous solvents. From the subcellular contents the mitochondrial and cytosolic concentrations of ATP, ADP, AMP and phosphate and the phosphorylation potentials of the subcellular ATP systems were calculated. An attempt was made to elucidate the relationship between mitochondrial and cytosolic adenine nucleotide systems and the dependency on the metabolic state of the liver. The following results were obtained: 1. Under all metabolic conditions studied the mitochondrial ATP/ADP ratios were considerably lower than the cytosolic ratios (mitochondria: 0.1-0.7; cytosol: 2-11). 2. The ATP/ADP ratios calculated from overall tissue contents reflect mainly the cytosolic ratios. 3. An inverse relationship was found between mitochondrial and cytosolic ATP/ADP ratios, i.e. when the mitochondrial ratios tended to increase, the cytosolic ratios decreased and vice versa. 4. The phosphorylation potentials calculated from the subcellular concentrations were higher in the cytosol than in the mitochondria. The potential difference varied between 11 and 3 kj/mol in livers from fed and starved rats, respectively. 5. In the presence of mitochondrial inhibitors, i.e. amytal, dinitrophenol and carboxyatractyloside, the potential difference between the subcellular ATP systems decreased predominantly due to an increase in the mitochondrial ATP/ADP ratios. 6. A correlation between mitochondrial ATP/ADP ratios and the respiratory rates was not observed, but the subcellular ratios appeared to correlate with the rate of glycolysis. When the rate of lactate + pyruvate production was increased, the cytosolic ATP/ADP ratios were increased, too, whereas the mitochondrial ratios tended to decrease. 7. The adenine nucleotides in the cytosol appear to be in near equilibrium catalysed by the adenylate kinase. In the mitochondria, the AMP concentration is much lower than to be expected under equilibrium conditions. These results were discussed with respect to rate control of processes involved in ATP generation, i.e. oxidative phosphorylation, adenine nucleotide translocation and glycolysis.