Platelet-activating factor secreted by stimulated human neutrophils and monocytes and rabbit neutrophils and basophils was isolated, purified and chemically and physically characterized. All four preparations had identical thin layer chromatographic behavior in a variety of solvent systems, identical solubility behavior in various organic and aqueous solvents and responded comparably to a variety of chemical and physical agents designad to reveal the presence functional groups. These findings indicate that human neutrophil and monocyte, and rabbit neutrophil and basophil derived platelet-activating factor preparations are indistinguishable, and support the conclusion that platelet-activating factor is a neutral, polar lipid molecule whose functional activity is dependent upon the presence of a carboxylic acid ester.