AMPA receptors mediate the majority of the fast excitatory synaptic transmission in the brain. A family of recently described auxiliary proteins, the transmembrane AMPA receptor regulatory proteins (TARPs) ␥2, ␥3, ␥4, and ␥8, have been shown to modulate the trafficking of receptors to the plasma membrane as well as electrophysiological key properties. Most studies published to date focus exclusively on ␥2 (stargazin), neglecting the other three members of the TARP family. Here, we analyzed the modulation of electrophysiological properties of AMPA receptors by ␥4 and compare it with ␥2, using heterologous coexpression in human embryonic kidney 293 cells. We show for the first time that ␥4, a previously poorly examined TARP, modulates the desensitization properties of AMPA receptors significantly stronger than ␥2 does. In contrast, other properties such as kainate efficacy and current-voltage relationships are modulated in a similar way by both of these TARPs. From these TARP-specific effects, we propose an interaction mechanism between AMPA receptors and TARPs and address the physiological relevance of ␥4 and its regulatory effects, particularly on AMPA receptor desensitization properties, to developmental and regulatory processes in the brain.