A membrane bound L-serine exchange enzyme which catalyzes the exchange reaction between L-serine and phospholipid-base was solubilized and separated from the ethanolamine-exchange enzyme by Sepharose 4B and DEAE-cellulose column chromatography. The separated fraction was purified approximately 37-fold with a yield of 2--5%. This fraction did not possess ethanolamine or choline exchange activity. The optimal pH was approx. 8.0, the incorporation rate of L-serine into phospholipid was linear up to 20 min incubation time and the activity was maximum at 10 mM CaCl2. The calculated Km value for L-serine was 0.4 mM. Ethanolamine phospholipid was the most effective acceptor for L-serine incorporation, particularly ethanolamine plasmalogen. The Km values obtained were: 0.25 mM for ethanolamine plasmalogen, 0.25mM for pig liver phosphatidylethanolamine and 0.66 mM for egg yolk phosphatidylethanolamine. These observations suggest that the hydrophobic moiety in ethanolamine phospholipid, as well as the base moiety, is important for the affinity of the L-serine exchange enzyme. Neither ethanolamine nor choline inhibited the L-serine exchange activity. There was no detectable conversion of phosphatidylcholine or phosphatidylethanolamine to phosphatidic acid by the partially purified enzyme.