We introduce a quantitative measure of network bipartivity as a proportion of even to total number of closed walks in the network. Spectral graph theory is used to quantify how close to bipartite a network is and the extent to which individual nodes and edges contribute to the global network bipartivity. It is shown that the bipartivity characterizes the network structure and can be related to the efficiency of semantic or communication networks, trophic interactions in food webs, construction principles in metabolic networks, or communities in social networks.