The permeability of the placenta to thyrotropin‐releasing hormone (TRH) and the fetal metabolism of this hormone were studied by giving iodine‐labelled synthetic TRH to pregnant guinea‐pigs during the first trimester. The radioactivities of various tissue fluids (serum, urine, amniotic fluid and maternal bile) and tissue samples (kidney, liver, small intestine, muscle and cortex) of both mother and fetus were counted. The biological activity of the transferred synthetic TRH was measured in fetal serum by bioassay. Direct measurements of placental permeability to TRH is presented. In the mother the metabolism seems to be the same as in mice and rats (Redding and Schally 1971, Virkkunen, Leppaluoto and Lybeck 1972). In the fetus the main elimination route of TRH is through the liver to bile, in contrast to the rapid urinary excretion in the mother. The half‐life of TRH in the fetal serum is about ten times as long as in the mother, reflecting a different elimination mechanism. Fetal tissue concentrations of TRH are comparable to those of the mother, and so may trigger the endocrine development of the fetal thyroid‐adenohypophyseal system.