In this paper we report that three different rat liver mitochondrial fractions, differing in density, exhibit differential effects when the animals are made hypo- or hyperthyroid. The investigations have been performed by correlating the protein content, the succinic dehydrogenase behaviour and the respiratory features of the three fractions in different thyroid states with morphometric-stereologic analysis the electron micrographic level. The results indicate that the thyroid hormone influences both the mass and the functionality of the heavy (H) and light (L) fraction. In hypothyroid rats the H fraction increases (+43%) while the L fraction decreases (-32%) and their respiratory activity is drastically reduced. Adenosine triphosphate (ATP) synthesis in the H fraction is also inhibited. Triiodothyronine (T3) administration to the above animals restores the values observed in control rats. At morphometric level we note in hypothyroid rats an increase in the number of mitochondria together with a concomitant increase in the average volume of a single mitochondrion. We are inclined to explain the above results through an action exerted by T3 on a hypothetical mitochondrial cycle starting with the formation of light organelles from heavy ones.