The interaction of dihydrofolate (H2F) and NADPH with a fluorescent derivative of H 2F reductase (DHFR) was studied by using transient and single-molecule techniques. The fluorescent moiety Alexa 488 was attached to the structural loop that closes over the substrates after they are bound. Fluorescence quenching was found to accompany the binding of both substrates and the hydride transfer reaction. For the binding of H 2 F to DHFR, the simplest mechanism consistent with the data postulates that the enzyme exists as slowly interconverting conformers, with the substrate binding preferentially to one of the conformers. At pH 7.0, the binding reaction has a bimolecular rate constant of 1.8 ؋ 10 7 M ؊1 ⅐s ؊1 , and the formation of the initial complex is followed by a conformational change. The binding of NADPH to DHFR is more complex and suggests multiple conformers of the enzyme exist. NADPH binds to a different conformer than H 2F with a bimolecular rate constant of 2.6 -5.7 ؋ 10 6 M ؊1 ⅐s ؊1 , with the former value obtained from single-molecule kinetics and the latter from stopped-flow kinetics. Single-molecule studies of DHFR in equilibrium with substrates and products revealed a reaction with ensemble average rate constants of 170 and 470 s ؊1 at pH 8.5. The former rate constant has an isotope effect of >2 when NADPD is substituted for NADPH and probably is associated with hydride transfer. The results from stopped-flow and single-molecule methods are complementary and demonstrate that multiple conformations of both the enzyme and enzyme-substrate complexes exist. D ihydrofolate (H 2 F) reductase (DHFR) is a key enzyme for the biosynthesis of purines, thymidylate, and a number of amino acids. Its strategic location in metabolism has also made it a target for anticancer drugs. DHFR catalyzes the reaction of 7,8-H 2 F and NADPH to form 5,6,7,8-tetrahydrofolate. The mechanism of action of DHFR has been extensively probed to better understand the fundamental nature of enzyme catalysis. This is because of not only its physiological importance, but also its relatively easy purification and stability. These investigations include multiple structure determinations, steady-state and transient kinetic studies, theory, and single-molecule kinetics (cf. refs. 1-5).The structure of DHFR from Escherichia coli (molecular weight Ϸ18,000) is compact, with a loop that closes over the substrate binding sites. The mechanism of action of the enzyme involves multiple conformational changes that include domain rotation and interactions with structural loops (cf. refs. 1 and 2). Although the mechanism has been well characterized, it still remains an open question as to how the conformational changes that occur enhance the catalytic activity. Consequently, we have embarked on further investigation of the conformational coupling to catalysis by using transient and single-molecule kinetics.DHFR has a structural loop that closes over the substrates after they are bound. This is revealed by the x-ray structures and dynamic NMR measurements ...