Transient kinetic data for partial reactions of alcohol dehydrogenase and simulations of progress curves have led to estimates of rate constants for the following mechanism, at pH 8.0 and 25 °C: Previous results show that the E-NAD+ complex isomerizes with a forward rate constant of 620 s‒1 [Sekhar, V. C, & Plapp, B. V. (1988) Biochemistry 27, 5082–5088]. The enzyme-NAD+-alcohol complex has a pK value of 7.2 and loses a proton rapidly (>1000 s‒1). The transient oxidation of ethanol is 2-fold faster in D2O, and proton inventory results suggest that the transition state has a charge of-0.3 on the substrate oxygen. Rate constants for hydride ion transfer in the forward or reverse reactions were similar for short-chain aliphatic substrates (400–600 s‒1) A small deuterium isotope effect for transient oxidation of longer chain alcohols is apparently due to the isomerization of the E-NAD+ complex. The transient reduction of aliphatic aldehydes showed no primary deuterium isotope effect; thus, an isomerization of the E-NADH-aldehyde complex is postulated, as isomerization of the E-NADH complex was too fast to be detected. The estimated microscopic rate constants show that the observed transient reactions are controlled by multiple steps. © 1990, American Chemical Society. All rights reserved.