Abstractα‐Crystallin is a molecular chaperone that recognizes proteins substrates in stress. It binds to the unstable conformer of a large variety of related or unrelated substrates and thus prevents them aggregating and holds them in a folding competent state. In this article, we have tried to critically analyze, from experimental point of view, whether α‐crystallin has any preference for its natural substrates compared to the nonnatural one. Our results clearly show that α‐crystallin is exceptionally active and sensitive in preventing aggregation of its natural substrates and can fully prevent such an aggregation in a substoichiometric ratio, but nonnatural substrates require a considerably higher amount of α‐crystallin. Using suitable fluorescent‐labeled α‐crystallins and performing fluorescence resonance energy transfer experiments, we were able to determine the subunit exchange kinetics between the α‐crystallin oligomers. It was found that while α‐crystallin was bound to its natural substrate, the rate of subunit exchange was slightly decreased. But, when a nonnatural substrate carbonic anhydrase remained bound to the chaperone, further loss in subunit exchange rate was observed. Nonnatural substrate was found to create higher activation energy barrier for the subunit exchange reaction compared to the native substrates. Similarities in major β‐sheet structure of both α‐crystallin and its natural substrates may be the reason for the preference in molecular recognition in comparison with the nonnatural substrate. © 2006 Wiley Periodicals, Inc. Biopolymers 85:189–197, 2007.This article was originally published online as an accepted preprint. The “Published Online” date corresponds to the preprint version. You can request a copy of the preprint by emailing the Biopolymers editorial office at biopolymers@wiley.com