Extracts of both rat hypothalamus and pancreas were analyzed for their corticotropin releasing factor (CRF)-like immunoreactivity by radioimmunoassay (RIA). In the case of the hypothalamus, besides the rat CRF, further identified by high-pressure liquid chromatography (HPLC), two peptide components, a 20-kDa and a 10-kDa species were detected. The 20-kDa component was stable under acidic pH conditions and was further purified by reverse-phase HPLC. When exposed to proteolytic activities coeluting with ‘high-molecular-mass CRF’ at pH 6, processing was observed and the CRF generated was identified both by RIA, molecular sieve filtration and HPLC under different experimental conditions. It is concluded that this 20-kDa CRF may represent the CRF precursor and that hypothalamic extracts may contain processing enzymes involved in its selective post-translational cleavage. In the pancreatic extract two immunoreactive forms of CRF were detected, the smaller coeluting with the rat CRF and the other corresponding to the intermediate 10-kDa component detected in the hypothalamus. Pancreatic rat CRF, analyzed using RIA both by molecular sieve filtration and HPLC, was indistinguishable from the hypothalamic rat CRF.