The quantitative development of the mobile order theory in H-bonded liquids is extended to predict the n-octanol/water partition coefficient (P). The log P predictive equation strictly issued from a thermodynamic treatment reduces to a simple linear volume-log P relationship whose intercept and slope encode, respectively, the solvation and entropy effects. For noncomplexing substances, the partition coefficient values result from two volume-dependent entropic contributions reflecting (a) the difference in the exchange entropy between the solute and solvent molecules in the n-octanol and water phases, and (b) the propensity difference between the two H-bonded solvents to induce a hydrophobic effect toward the solute. Although both effects increase, although with opposite signs, compared with the growing molar volume of the partitioned compound, the hydrophobic contribution always predominates favoring the transfer of the solute into the organic phase and hence increasing its partition coefficient. When dealing with complexing chemicals, the hydrophobic effect-related term, though remaining the dominant factor in most cases, is more or less counterbalanced by the formation of H-bonds between the interacting sites of the solute and the n-octanol and water solvent molecules. The log P, corrected for the substantial content of water into n-octanol, is estimated for a number of compounds of environmental and pharmaceutical interest. The extent to which the entropic and enthalpic factors affect the overall partition coefficient value is analyzed.