This article reviews the biophysical consequences of lipid peroxidation in biological membranes. In the lipid domain, lipid peroxidation (a) causes an increase in the order and "viscosity" of the membrane bilayer, particularly at the depth around acyl-carbon 12, (b) changes the thermotropic phase behaviour, (c) decreases the electrical resistance, and (d) facilitates phospholipid exchange between the two monolayers. Upon lipid peroxidation membrane proteins are crosslinked, and their rotational and lateral mobility is decreased. Studies with microsomal cytochrome P-450 suggest protein aggregation but not the increased lipid order to be the major cause of protein immobilization in peroxidized membranes.