Composting of municipal solid waste (MSW) was studied in an attempt to better understand the composting process and concomitant changes occurring in the water-soluble fraction. Composting was performed in 1 m(3) plastic boxes and the following parameters were measured in the compost liquid phase: C/N ratio, electrical conductivity (EC), pH, dissolved organic carbon (DOC), optical density and soluble nitrogen forms. The C/N ratio and DOC levels exhibited high rates of change during the first 60-70 days, then stabilized. The pH of the compost followed a typical trend during composting, reaching neutrality at the end of the process. The ammonium level peaked during the thermophilic stage, whereas during maturation the ratio between N-NO3-/N-NH4+ increased to 4. The increasing level of NO3- during the last stage of composting can be used as an indicator of compost maturity, whereas the C/N ratio can serve only as an indicator of compost stability.