The purpose of this study was to investigate cerebral energy metabolism and acid-base homeostasis during impaired oxygen supply in fetal sheep. Systemic acid-base balance was correlated with the sequence in changes of cerebral phosphorus metabolite ratios and intracellular pH. Phosphorus magnetic resonance spectra were obtained from the brain of six fetal sheep simultaneously with repeated measurements of fetal arterial oxygen saturation and acid-base balance. Fetal hypoxia was induced by gradually reducing the oxygen supply to the anesthetized pregnant ewe to establish an intended arterial pH of 7.00 or lower. The ratio of phosphocreatine to inorganic phosphate decreased from 1.08 Ϯ 0.10 (SD) during the control period to 0.77 Ϯ 0.29 at an arterial pH between 7.20 and 7.25. The inorganic phosphate level became significantly increased at an arterial pH between 7.10 and 7.15 compared with control values. With ongoing arterial acidosis, cerebral intracellular pH decreased linearly with the arterial pH. At an arterial pH of 7.00, cerebral intracellular pH was decreased from 7.18 Ϯ 0.03 to 6.71 Ϯ 0.28, and phosphocreatine and nucleoside triphosphates levels were decreased significantly. In fetal sheep brain, cerebral oxidative phosphorylation (ratio of phosphocreatine to inorganic phosphate) is already affected at a mild arterial acidosis. At an arterial pH of 7.00 or lower, nucleoside triphosphates disappeared, which almost inevitably was followed by death in fetal sheep. Abbreviations FBP, fetal blood pressure FHR, fetal heart rate FiO 2 , fraction of oxygen in inspiratory gas 1 H-MRS, proton magnetic resonance spectroscopy MR, magnetic resonance NTP, nucleoside triphosphate P i , inorganic phosphate PCr, phosphocreatine PDE, phosphodiesters pH i , intracellular pH PME, phosphomonoesters 31 P-MRS, phosphorus magnetic resonance spectroscopy P tot , total phosphorus SaO 2 , arterial oxygen saturation VOI, volume of interest Fetal hypoxia is one of the causes of neonatal brain injury, and future neuromotor and intellectual impairment (1, 2). Low blood pH has been proposed as a clinical standard in defining fetal hypoxia during labor (3). On the basis of such a pH value, the decision is made whether to further tolerate an abnormal fetal heart pattern or to intervene. A problem in the prevention of neurologic morbidity is that the degree of acidosis in the blood is not a good predictor of later neurologic disability (4). Severe intrapartum asphyxia, quantified by an umbilical artery pH Ͻ 7.00, is associated with neonatal neurologic complications (5). Although at an arterial pH of 7.00 or lower the relationship with cerebral damage is clear, it is not known how fetal cerebral metabolism changes with mild acidosis. As it becomes more apparent that neurologic damage may also be the result of mild hypoxia, resulting in mild acidosis, this study sets out to obtain insight into the relationship between the degree of acidosis in the blood and the sequence of events in fetal cerebral metabolism.31 P-MRS can be used to measure p...