A B S T R A C T To investigate mechanisms of extrathyroidal thyroid hormone metabolism, conversion of thyroxine (T4) to 3,5,3'-triiodothyronine (T3) and degradation of 3,3',5'-triiodothyronine (rT3) were studied in rat liver homogenates. Both reactions were enzymatic. For conversion of T4 to T3, the Km of T4 was 7.7 ,uM, and the Fasting resulted in inhibition of T4 to T3 conversion and of rT3 degradation by rat liver homogenates which was reversible after refeeding. Serum T4, T3, and thyrotropin concentrations fell during fasting, with no decrease in serum protein binding as assessed by a T3-charcoal uptake. There was no consistent change in serum rT3 concentrations. Dexamethasone had no effect in vitro. In vivo dexamethasone administration resulted in elevated serum rT3 concentrations after 1 day, and after 5 days, in inhibition of T4 to T3 conversion and rT3 degradation without altering serum T4, T3, or thyrotropin concentrations. Endotoxin treatment had no effect of iodothyronine metabolism in liver homogenates. In kidney homogenates the reaction rates and response to propylthiouracil in vitro were similar to