Ca2+-Mg2+-dependent ATPase [EC 3. 6. 1. 3] was prepared from the SR by salt fractionation after solubilization of the SR by treatment with DOC. The affinities of the enzyme for Ca2+ and Mg2+ ions during the formation and decomposition of a phosphorylated intermediate (EP) were determined at an ionic strength of 0.16 at pH 7.0 and 0°C. The following results were obtained. 1. The formation of EP required Ca2+ ions and was inhibited by Mg2+ ions which competed with Ca2+. The effects of Ca2+ and Mg2+ions on the rate of EP-formation. Vf, were expressed as The values of Kca, KMg, and Vf were found to be 0.35μM, 10.6mM, and 1.33 mole/106g.sec, respectively. 2. The decomposition of EP required Mg2+ ions and was inhibited by Ca2+ ions, which competed with Mg2+. The effects of Mg2+ and Ca2+ ions on the rate of EP-decomposition, vo/[EP], were given by where vo and [EP] are the rate of ATP-hydrolysis and the concentration of EP at the steady state, respectively. The values of Kmg/Kca, and Kd were found to be 2.45 and 0.12 sec−1, respectively. These two results show that the affinities of the enzyme for Ca2+ and Mg2+ ions change dramatically during EP-formation. 3. The Ca2+ ions required for EP-formation could be replaced by Sr2+ ions, but the Mg2+ ions required for EP-decomposition could not be replaced by other cations, such as Mn2+, Zn2+, La3+ and Ce3+.