Translation initiation of eukaryotic mRNAs commences with recognition of the m 7 G cap by the capbinding protein eIF4E and the subsequent recruitment of additional translation initiation factors to the mRNA's 5′ end. eIF4E's essential role in translation suggests that the cellular eIF4E-mRNA interactome (or 'eIF4E cap-ome') may serve as a faithful proxy of cellular translational activity. Here we describe capCLIP, a novel method to systematically capture and quantify the eIF4E cap-ome. To validate capCLIP, we identified the eIF4E cap-omes in human cells ± the partial mTORC1 inhibitor rapamycin. TOP (terminal oligopyrimidine) mRNA representation is systematically reduced in rapamycin-treated cells, consistent with the well-known effect of mTORC1 inhibition on translation of these mRNAs. capCLIP tag data also permits the identification of a refined, 7-nucleotide consensus motif for TOP mRNAs (5′-CUYUYYC-3′). In addition, we apply capCLIP to probe the consequences of phosphorylation of eIF4E, a modification whose function had remained unclear. Phosphorylation of eIF4E drives an overall reduction in eIF4E-mRNA association, and strikingly, the mRNAs most sensitive to phosphorylation possess short 5′ UTRs. capCLIP provides a sensitive and comprehensive measure of cellular translational activity. We foresee its widespread use as a high-throughput means for assessing translation in contexts not amenable to existing methodologies.