Photoreceptor ROS-GC1 (Rod outer segment membrane guanylate cyclase) is a vital component of phototransduction. It is a bimodal Ca2+ signal transduction switch, operating between 20 nM to near 1000 nM range. Modulated by Ca2+ sensors GCAP1 and GCAP2, lowering of [Ca2+]i from 200 to 20 nM progressively turns it “ON”. Similarly, does the modulation by the Ca2+ sensor S100B, raising [Ca2+]i from 100 to 1000 nM. The GCAP-mode plays a vital role in phototransduction in both rods and cones; and the S100B mode, in the transmission of neural signals to cone ON-bipolar cells. Through a programmed domain-deletion, expression, in vivo fluorescent spectroscopy and in vitro reconstitution experiments the present study demonstrates that the biochemical mechanisms modulated by two GCAPs in Ca2+ signaling of ROS-GC1 activity are totally different. (1) They involve different structural domains of ROS-GC1. (2) Their signal migratory pathways are opposite: GCAP1 downstream and the GCAP2 upstream. And, importantly, (3) the isolated catalytic domain, translating the GCAPs-modulated Ca2+ signal into the generation of cyclic GMP, in vivo, exists as a homodimer, the two subunits existing in the antiparallel conformation. Furthermore, the findings demonstrate that the N-terminally placed signaling helix domain (SHD) is not required for the catalytic domain’s dimeric state. The upstream GCAP2-modulated pathway is the first of its kind to be observed for any member of the membrane guanylate cyclase family. It defines a new model of Ca2+ signal transduction.