The rate at which CO displaced oxygen from combination with oxyhemoglobin solution has been measured at different oxygen tensions at 37 °C. The hemoglobins studied were human adult and fetal, horse, goat, dog, cat and rabbit. From these results we have determined (i) the velocity constant for the dissociation of oxygen from fully saturated hemoglobin (k4), (ii) the velocity constant for replacement of oxygen from fully saturated hemoglobin at low tensions of CO(m′∞), and (iii) the ratio of the velocity constants for the combination of CO and O2 with three-parts saturated hemoglobin (′l4/′k4). The values found for k4 and (m′∞) (each in units of sec-1) and for the ratio (′l4/′k4) were: human adult, 222, 16.9, and 0.30; human new-born, 300, 16.0, and 0.21; horse, 208, 13.3, and 0.26; goat, 214, 14.2, and 0.27; dog, 338, 21.1, and 0.25; cat, 286,17.4, and 0.24. The velocity of the displacement reaction varied among rabbits despite their having electrophoretically similar hemoglobins, and was slower than in the other species. The value of k4 for dog Hb, human Hb F, and cat Hb was significantly higher than for the hemoglobins of the human adult, horse, goat and rabbit. Goat hemoglobins A and B, whose α-chains differ, showed the same rate for the replacement reaction.