The non-specific lipid transfer protein (nsL-TP) from bovine liver was studied by using the following fluorescent lipid analogs: phosphatidylcholine species with a sn-2-pyrenylacyl-chain of different length [Pyr(x)PC], sn-2-pyrenyldecanoyl-labelled phosphatidylinositol [Pyr(10)PI], -phosphatidylinositol 4-phosphate [Pyr(10)PIP], -phosphatidylinositol 4,5-bisphosphate [Pyr(10)PIP2] and dehydroergosterol. These analogs provided information on the effect of hydrophobicity and charge on lipid binding and transfer by nsL-TP. Binding of the Pyr(x)PC species decreased with increasing sn-2 acyl-chain length. Under equilibrium conditions, the fraction of nsL-TP that carried a PC molecule did not exceed 8%, which is consistent with a low affinity binding site. Also nsL-TP-mediated transfer of the Pyr(x)PC species decreased with increasing sn-2 acyl-chain length and was highly correlated with spontaneous transfer. Binding of the phosphoinositides increased in the order Pyr(10)PI < Pyr(10)PIP < Pyr(10)PIP2, indicating that an increase in lipid negative charge stimulates binding. The transfer of the phosphoinositides, however, decreased in the same order, which suggests that a high negative charge impairs the dissociation of the phospholipid from nsL-TP. Cholesterol, at concentrations up to 50 mol% in the donor membrane, hardly affected binding and transfer of Pyr(6)PC, strongly suggesting that nsL-TP has no high binding affinity for cholesterol. In agreement with this, binding of dehydroergosterol to nsL-TP was not detectable. Despite this apparently negligible affinity, nsL-TP-mediated transfer of dehydroergosterol was in the same order as that of Pyr(6)PC. The results are interpreted to indicate that transfer of lipids by nsL-TP involves the formation of a putative low-affinity lipid-protein complex. This formation is enhanced when lipid hydrophobicity decreases or lipid negative charge increases. Based on the binding and transfer data, the mode of action of nsL-TP is discussed in terms of change in free energy.