The hydrolysis of inositol lipids triggered by the occupation of cell surface receptors generates several intracellular messengers. Many different inositol phosphate isomers accumulate in stimulated cells. Of these D-myo-inositol 1,4,5-trisphosphate (Ins 1,4,5-P3) is responsible for discharging Ca2+ from intracellular stores. Specific membrane binding sites for Ins 1,4,5-P3 have been detected. The properties of these sites and their possible relationship to the calcium release process is reviewed. Ins 1,4,5-P3 binding sites may be present in discrete subcellular structures ("calciosomes"). Kinetic and some electrophysiological evidence indicates that Ins 1,4,5-P3 acts to open a Ca2+ channel. Recent progress on the purification of the receptor from neuronal tissues is summarized. Phosphorylation of Ins 1,4,5-P3 by a specific kinase results in the production of D-myo-inositol 1,3,4,5-tetraphosphate (Ins 1,3,4,5-P4). This inositol phosphate has been reported to increase the entry of Ca2+ across the plasma membrane, activate nonspecific ion channels in the plasma membrane, alter the Ca2+ content of the Ins 1,4,5-P3-releasable store, and bind to and alter the activity of certain enzymes. These data and the possible biological significance of Ins 1,3,4,5-P4 are discussed.