Nuclear and cytoplasmic estrogen receptors have been identified and characterized in the rabbit corpus luteum, and validated methods are described for the measurement of both unoccupied and total estrogen receptor. Binding was specific for the biologically active estrogens. Equilibrium binding analysis of cytoplasmic estrogen receptor yielded saturable, high affinity binding sites with a Kd of 5.4 x 10(-11) M. Two types of binding sites were found in the nuclear fraction: one with high affinity (Kd = 8.9 x 10(-11) M) and low capacity, the other with low affinity (Kd = 2.7 x 10(-8) M) and high capacity. In the presence of 0.4 M KCl, the sedimentation coefficients of nuclear and cytoplasmic estrogen receptors are 3.4S, while the value is 6.8S for cytoplasmic receptor in buffer without KCl. Twenty minutes after an iv injection of 2 micrograms 17 beta-estradiol, the available and total cytoplasmic estrogen receptors were depleted. This depletion was accompanied by concomitant and stoichiometric accumulation of receptor in the nucleus, indicating an apparent translocation of the receptor. In corpora lutea of normal rabbits, approximately 80% of the total nuclear receptor is unoccupied. Evidence is presented to suggest that nuclear receptor sites might be ordinarily occupied with estradiol, but during isolation of the nuclear fraction these sites become available or unoccupied. The identification of nuclear estrogen receptor and the phenomenon of translocation of cytoplasmic receptor to the nucleus suggest a similarity of estrogen action in the rabbit corpus luteum and other estrogen target tissues.