Effect of adrenalectomy and exercise on skeletal muscle, heart and liver glycogen and triglycerides, blood glucose and plasma free fatty acid level has been studied in the rat. It has been found that exercise-induced mobilization of glycogen in vastus deepest and soleus was diminished whereas utilization of liver glycogen was accelerated in adrenalectomized rats as compared to sham-operated controls. Triglyceride content in vastus deepest was reduced and in the liver increased in control rats but remained stable during exercise in adrenalectomized rats. In the latter group hypoglycemia occurred earlier and was more pronounced, whereas plasma free fatty acid level was markedly lower than in the control group.