Streptococcus faecalis ATCC 9790 possesses seven membrane‐bound penicillin‐binding proteins. They have been characterized with respect to their apparent molecular weights, relative abundance, specificity profiles for 15 different β‐lactam antibiotics and stability under various conditions. In water and at 37°C, all the native penicillin‐binding proteins have half‐lives longer than 20 h except protein 3b (half‐life of about 600 min) and protein 4 (half‐life of about 175 min). The short‐lived 80000‐Mr protein 4 is spontaneously converted into a 73000‐Mr water‐soluble, penicillin‐binding protein 4*. Similarly, the short‐lived 82000‐Mr protein 3b seems to be the protein from which the 72000‐Mr water‐soluble protein X spontaneously originates during incubation of the membranes. Release of both proteins 4* and X from the membrane is maximal under alkaline conditions; it is not inhibited by various protease inhibitors. After exposure to trypsin, the 43000‐Mr membrane‐bound penicillin binding protein 6 (a DD‐carboxypeptidase) gives rise to a 30000‐Mr water‐soluble protein 6*. Like the parent protein, protein 6* exhibits both DD‐carboxypeptidase activity and penicillin‐binding ability. With proteins 6 and 6*, low dose levels of p‐chloromercuribenzoate prevent both enzyme activity and combination with penicillin, thus strongly suggesting that a thiol group is involved in the enzyme active center. We have shown previously [Coyette et al. in Eur. J. Biochem. 88, 297–305 (1978) and 75, 231–239 (1977)] that the DD‐carboxypeptidase protein 6 fragments the benzylpenicillin molecule with formation of phenylacetylglycine. Breakdown of the complex formed between [14C]benzylpenicillin and the 140000‐Mr membrane‐bound protein 1 is also ‘enzyme‐catalysed’. Most likely, however, the released product is penicilloate. With all the other penicillin‐binding proteins whose molecular weights are intermediate between those of proteins 1 and 6, breakdown of the complexes formed with [14C]benzylpenicillin results from proteolysis and is not due to the release of the bound metabolite. None of the penicillin‐binding proteins behaves, by itself, as a lethal target for β‐lactam antibiotic action on the living cells.