1. The rapid decay of luminescence in extracts of the ostracod crustacean Cypridina hilgendorfii, has been studied by means of a photoelectric-amplifier-string galvanometer recording system.
2. For rapid flashes of luminescence, the decay is logarithmic if ratio of luciferin to luciferase is small; logarithmic plus an initial flash, if ratio of luciferin to luciferase is greater than five. The logarithmic plot of luminescence intensity against time is concave to time axis if ratio of luciferin to luciferase is very large.
3. The velocity constant of rapid flashes of luminescence is approximately proportional to enzyme concentration, is independent of luciferin concentration, and varies approximately inversely as the square root of the total luciferin (luciferin + oxyluciferin) concentration. For large total luciferin concentrations, the velocity constant is almost independent of the total luciferin.
4. The variation of velocity constant with total luciferin concentration (luciferin + oxyluciferin) and its independence of luciferin concentration is explained by assuming that light intensity is a measure of the luciferin molecules which become activated to oxidize (accompanied with luminescence) by adsorption on luciferase. The adsorption equilibrium is the same for luciferin and oxyluciferin and determines the velocity constant.