1. A pepsinogen has been purified from dog stomach in 20% yield. 2. At pH values below 4 it spontaneously converts to a pepsin, the first order rate constant at pH 2, 22 degrees C, being 11 min-1. 3. The pepsinogen is stable to denaturation at pH values up to 9, in contrast to the pepsin which is irreversibly denatured above pH 7. 4. Its proteolytic activity against denatured hemoglobin is equal to that of pig pepsin, but in the milk-clotting assay at pH 5.5 its has only 14% the activity.