Amphioxus insulin-like peptide (AILP) belongs to the insulin superfamily and is proposed as the common ancestor of insulin and insulin-like growth factor 1. Herein, the studies on oxidative refolding and reductive unfolding of AILP are reported. During the refolding process, four major intermediates, P1, P2, P3, and P4, were captured, which were almost identical to those intermediates, U1, U2, U3, and U4, captured during the AILP unfolding process. P4 (U4) has the native disulfide A20-B19; P1 (U1), P2 (U2), and P3 (U3) have two disulfide bonds, which include A20-B19. Based on the analysis of the time course distribution and properties of the intermediates, we proposed that fully reduced AILP refolded through 1SS, 2SS, and 3SS intermediate stages to the native form; native AILP unfolded through 2SS and 1SS intermediate stages to the full reduced form. A schematic flow chart of major oxidative refolding and reductive unfolding pathways of AILP was proposed. Implication for the folding behavior of insulin family proteins was discussed. There may be seen three common folding features in the insulin superfamily: 1) A20-B19 disulfide is most important and formed during the initial stage of folding process; 2) the second disulfide is nonspecifically formed, which then rearranged to native disulfide; 3) in vitro refolding and unfolding pathways may share some common folding intermediates but flow in opposite directions. Furthermore, although swap AILP is a thermodynamically stable final product, a refolding study of swap AILP demonstrated that it is also a productive intermediate of native AILP during refolding.Since Anfinsen and co-workers (1) first demonstrated in the 1960s that the amino acid sequence of a protein determines its three-dimensional structure, significant advances have been made in the understanding of protein folding through experimental and theoretical approaches (2-4). However, the folding mechanism, such as how a linear polypeptide strand starts and walks along what pathway to fold into a protein molecule, is still poorly understood. In the investigations of the protein folding pathway, the proteins with disulfide linkages are frequently chosen as models, because the formation of disulfide bridges is always coupled with folding and assembly, which can be used as a unique probe for the study of protein folding and assembly (5-7). Oxidative folding studies on the disulfide-coupled folding of some small globular proteins, such as bovine pancreatic trypsin inhibitor (8, 9), RNase A (10), hirudin (11), etc., have revealed the sequences of preferred kinetic intermediates of such proteins, by which the in vitro folding pathway of the proteins was defined.The insulin superfamily members are good model proteins for the folding studies of disulfide-containing proteins. Insulin and insulin-like growth factor 1 (IGF-1) 1 are two extensively studied members of the superfamily. They have similar threedimensional structure and identical disulfide pairing (12, 13). Both proteins mainly consist of three ␣-helical se...