We demonstrate coherent one-color photoassociation of a Bose-Einstein condensate, which results in Rabi oscillations between atomic and molecular condensates. We attain atom-molecule Rabi frequencies that are comparable to decoherence rates by driving photoassociation of atoms in an 88 Sr condensate to a weakly bound level of the metastable 1 S0+ 3 P1 molecular potential, which has a long lifetime and a large Franck-Condon overlap integral with the ground scattering state. Transient shifts and broadenings of the excitation spectrum are clearly seen at short times, and they create an asymmetric excitation profile that only displays Rabi oscillations for blue detuning from resonance.Coherent conversion of atoms into molecules in quantum degenerate gases provides a path to create molecular condensates, and it is also of fundamental interest because of the complex dynamics of many-body systems with nonlinear couplings [1]. It has been demonstrated with magnetic-field ramps near a magnetic Feshbach resonance (MFR) [2,3] and with different configurations of two-color photoassociation (PA) [4][5][6][7]. Coherent onecolor PA has typically been considered inaccessible due to the short lifetime of excited molecular states in alkalimetal atoms [8]. In addition, the observation of giant Rabi oscillations between atomic and molecular condensates has remained elusive, although it has been discussed extensively since the earliest days of the study of quantum gases [8][9][10][11][12][13][14][15][16][17][18][19]. Here, we demonstrate coherent, one-color PA and Rabi oscillations between atomic and molecular condensates. We also observe transient shifts and broadenings of the excitation spectra at short times and indications of universal dynamics on resonance [8], all of which have not been experimentally studied previously. We access the coherent regime by photoassociating atoms in an 88 Sr condensate [20] to a weakly bound level of the metastable 1 S 0 + 3 P 1 molecular potential. This yields a long molecular lifetime and a large Franck-Condon overlap integral between ground and excited states, which allows atom-molecule coupling to exceed loss and decoherence rates. [6,28]. These two-color processes are typically coherent, as demonstrated, for example, by the suppression of PA loss [4]. Rabi oscillations between atomic and ground molecular condensates driven by twocolor PA [12,[14][15][16] have never been observed, even in optical lattices [5], although two-photon Raman coupling was recently used to observe Rabi oscillations in a degenerate Fermi gas [29]. Spontaneous Raman scattering by molecules presents a formidable challenge to accessing a regime in which the two-photon coupling exceeds the decoherence rate [5].Coherence seems even less accessible in one-color PA because of the short lifetime of excited molecular states. Simply increasing the laser intensity and atom-molecule Rabi frequency does not necessarily offer a solution because transfer of population to noncondensate atomic states becomes dominant at high laser cou...