Black lipid membranes (BLM) less than 90 A thick have been shown to be the most realistic approach to biological membrane models. This paper describes the formation characteristics, optical properties, and thermodynamics of BLM at water/oil/water bifaces. In particular, the nature of the Plateau-Gibbs border which supports the black membrane is analyzed in some detail. The formation of BLM at the biface involves a spontaneous reduction of the free energy of the system. As long as the integrity of the membrane is maintained, the limiting structure of the BLM represents the lowest free energy configuration.