The kinetic properties of pyruvate kinase from skeletal muscle were studied in two species of air-breathing fish, Hoplerythrinus unitaeniatus and Arapaima gigas, and two species of water-breathing fish, Hoplias malabaricus and Osteoglossum bicirrhosum. It was found that the enzymes from Hoplias and Hoplerythrinus showed hyperbolic saturation kinetics for all substrates, were activated slightly by fructose 1,6-diphosphate, and were inhibited by phosphocreatine and citrate. The enzyme from Hoplias was inhibited by alanine, whereas the enzyme from Hoplerythrinus was not. The enzymes from Arapaima and Osteoglossum showed hyperbolic saturation kinetics for adenosine diphosphate, but the saturation kinetics for phusphoenol-pyruvate were sigmoidal. These enzymes were strongly activated by fructose 1,6-diphosphate and strongly inhibited by alanine, the former completely reversing the inhibition by the latter. Phosphocreatine and citrate were also found to be inhibitors of these enzymes, but the inhibition by phosphocreatine was not reversed by additions of fructose 1,6-diphosphate. The enzymes from the water-breathing fish were more sensitive to inhibition by alanine than were those from the air-breathing fish, but in other respects the enzymes were very similar.