A membrane-bound phospholipase D (PLD) fromSaccharomyces cerevisiae was solubilized from mitochondrial and plasma membranes and partially purified. The enzyme has an apparent molecular weight of approximately 60 kDa, is strictly Ca2+-dependent and preferentially hydrolyses phosphatidylserine and phosphatidylethanolamine. Enzyme activity is significantly increased in membranes from cells grown on a nonfermentable carbon source. The CaZ+-dependent PLD is distinct from PLD encoded by the SPO141PLDI gene. The 195 kDa SPO141PLDI gene product is specific for PtdCho, Ca 2+-independent and is activated by PIP2. Furthermore, Pldlp has transphosphatidylation activity in the presence of ethanol and thus resembles the prototypic PLD activity found in mammalian cells and plants. In contrast, the Ca2+-dependent PLD described here is not affected by PIP2 and does not catalyze transphosphatidylation. Thus, the Ca2+-dependent PLD characterized in this study appears to be a member of a novel family of phospholipases D.