The bifunctional folate-dependent enzyme, 10-formyltetrahydrofolate dehydrogenase-hydrolase (10-formyltetrahydrofolate: NADP+ oxidoreductase, EC 1.5.1.6), has been purified to homogeneity from pig liver. Its amino acid composition was determined and gave a calculated v of 0.735 ml/g; a molecular weight of 92500 for the protein subunit was determined as well. Spectrophotometric, fluorescence emission and radiochemical methods were devised to assay the activities. Quantitative separation of carbon dioxide and formate produced by the dehydrogenase and the hydrolase reactions, respectively, demonstrated that both activities occur simultaneously. This fact, together with a 5-fold difference in the Km values for the folate substrate, strongly suggests that these two activities are functions of different sites. The possible role of polyglutamate specificity for the preferential selection of one of the activities under physiological conditions was ruled out when both proved to have similar specificities, as determined by sensitivity to inhibition by tetrahydropteroylpolyglutamates.