Initial-velocity measurements for the phospholysis and synthesis of α,α-trehalose catalysed by trehalose phosphorylase from Schizophyllum commune and product and dead-end inhibitor studies show that this enzyme has an ordered Bi Bi kinetic mechanism, in which phosphate binds before α,α-trehalose, and α--glucose is released before α--glucose 1-phosphate. The freeenergy profile for the enzymic reaction at physiological reactant concentrations displays its largest barriers for steps involved in reverse glucosyl transfer to -glucose, and reveals the direction of phospholysis to be favoured thermodynamically. The pH dependence of kinetic parameters for all substrates and the dissociation constant of -glucal, a competitive dead-end inhibitor against -glucose (K i l 0.3 mM at pH 6.6 and 30 mC), were determined. Maximum velocities and catalytic efficiencies for the forward and reverse reactions decrease at high and low pH, giving apparent pK values of 7.2-7.8 and 5.5-6.0 for two groups whose correct protonation state is required for catalysis. The pH dependences of k cat \K are interpreted in terms of