The alpha and beta subunits of the phycobiliprotein, phycoerythrin, isolated from the filamentous blue-green alga, Fremyella diplosiphon, have been separated by chromatography on Bio-Rex 70 ion exchange resin. Analysis by sodium dodecyl sulfate polyacrylamide gel electrophoresis shows no detectable cross-contamination of these subunit preparations. The molar extinction coefficients at 552 nm of the alpha and beta subunits in 8 M urea are 25,549 and 48,456, respectively. The amino acid compositions of the subunits are very similar. Molecular weights of the alpha and beta subunits are 19,500 and 21,700, respectively, based on the amino acid composition analyses. Antisera prepared against the alpha subunit reacts with the beta subunit, and vice versa. Tryptic peptide maps reveal that the subunits share share at least eight common tryptic peptides. These results indicate that the phycoerythrin subunits are chemically very similar.