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Wool alcohols have been subjected to oxidation under varying conditions and progressive changes in physical and chemical properties have been observed. Such changes include–rise in acid and saponification value, decrease in acetyl value and cholesterol content.The interfacial tension-reducing power of total wool alcohols and some isolated fractions have been measured using the pendant drop method. This value does not show any appreciable change as oxidation proceeds.Wool alcohol emulsions suffer breakdown on storage. This is accompanied by rise in acid value of the oil phase. Both effects can be retarded by the inclusion of antioxidants in the formula.Some tentative mechanisms based on the results obtained have been put forward to explain the changes which wool alcohols undergo on oxidation.Much of the practical work was carried out by Miss E. Graydon, P. Hills and G. Sumpter. The authors wish to thank A. G. Wright for his work in connection with the design and construction of the two types of apparatus illustrated and the Directors of Herts Pharmaceuticals Limited for permission to publish this work.