Cone photoreceptors respond to light with less sensitivity, faster kinetics and adapt over a much wider range of intensities than do rods. These differences can be explained, in part, by the quantitative differences in the molecular processes that regulate the cytoplasmic free Ca2+ concentration in the outer segment of both receptor types. Ca2+ concentration is regulated through the kinetic balance between the ions' influx and efflux and the action of intracellular buffers. Influx is passive and mediated by the cyclic-GMP gated ion channels. In cones, Ca2+ ions carry about 35% of the ionic current flowing through the channels in darkness. In rods, in contrast, this fraction is about 20%. We present a kinetic rate model of the ion channels that helps explain the differences in their Ca2+ fractional flux. In cones, but not in rods, the cGMP-sensitivity of the cyclic GMP-gated ion channels changes with Ca2+ at the concentrations expected in dark-adapted photoreceptors. Ca2+ efflux is active and mediated by a Na+ and K+-dependent exchanger. The rate of Ca2+ clearance mediated by the exchanger in cones, regardless of the absolute size of their outer segment is of the order of tens of milliseconds. In rod outer segments, and again independently of their size, Ca2+ clearance rate is of the order of hundreds of milliseconds to seconds. We investigate the functional consequences of these differences in Ca2+ homeostasis using computational models of the phototransduction signal in rods and cones. Consistent with experimental observation, differences in Ca2+ homeostasis can make the cone's flash response faster and less sensitive to light than that of rods. In the simulations, however, changing Ca2+ homeostasis is not sufficient to recreate authentic cone responses. Accelerating the rate of inactivation (but NOT activation) of the enzymes of the transduction cascade, in addition, to changes in Ca2+ homeostasis are needed to explain the differences between rod and cone photosignals. The large gain and precise kinetic control of the electrical photoresponse of rod and cone retinal receptors suggested a long time back that phototransduction is mediated by cytoplasmic second messengers that, in turn, control membrane ionic conductance. (1) The unquestionable identification of cyclic GMP as the phototransduction messenger, however, did not come until the mid 1980's with the discovery that the light-regulated membrane conductance in both rods and cones is gated by this nucleotide (2-4) and is, in fact, an ion channel. (7) The cyclic nucleotide gated (CNG) channels, now we know, are not just the compliant targets of light-dependent change in cytoplasmic cGMP, but actively participate in the regulation transduction through Ca2+ feedback signals. The precise magnitude and time course of the concentration changes of cGMP and Ca2+ in either rods or cones remains controversial. It is clear, however, that whereas cGMP directly controls the opening and closing of the plasma membrane channels, Ca2+ controls the light-sensitivity and kinetics of the transduction signal. (8,9) The modulatory role of Ca2+ is particularly apparent in the process of light adaptation: in light-adapted rods or cones, the transduction signal generated by a given flash is lower in sensitivity and faster in time course than in dark-adapted cells. Light adaptation is compromised if Ca2+ concentration changes are attenuated by cytopiasmic Ca2+ buffers (8,10,11) and does not occur if Ca2+ concentration changes are prevented by manipulation of the solution bathing the cells. (2,4) Several Ca2+-dependent biochemical reactions have been identified in photoreceptors, among them: 1. ATP-dependent deactivation. (15,16) 2 Phodopsin phospshorylation, through the action of recoverin (S-modulin). (17-19) 3. Catalytic activity of guanylyl cyclase, (20-22) through the action of GCAP proteins. (23,24,25) 4. cGMP-sensitivity of the CNG channels. (26-29,30) A challenge in contemporary phototransduction research is to understand the details of these reactions and their role in the control of the phototransduction signal. Transduction signals in cone photoreceptors are faster, lower in light sensitivity, and more robust in their adaptation features than those in rods (for review see refs. 31;32). A detailed molecular explanation for these differences is not at hand. However, biochemical and electrophysiological (33) studies indicate that the elements in the light-activated pathway that hydrolyzes cGMP are quantitatively similar in their function in rods and cones and unlikely to account for the functional differences. Also, within the limited exploration completed todate, the Ca2+-dependence of guanylyl cyclase (34) and visual pigment phosphorylation (19) do not differ in rods and cones. On the other hand, data accumulated over the past few years indicate that cytoplasmic Ca2+ homeostasis, while controlled through essentially identical mechanisms it is quantitatively very different in its features in the two photoreceptor types. Both Ca2+ influx through CNG channels and the rate of Ca2+ clearance from the outer segment differ between the two receptor cells. Also, the Ca2+-dependent modulation of cGMP sensitivity is larger in extent in cones than in rods. Most significantly, the concentration range of this Ca2+ dependence overlaps the physiological range of light-dependent changes in cytoplasmic Ca2+ level in cones, but not in rods. We briefly review some of the evidence that supports these assertions and we then provide a quantitative analysis of the possible significance of these known differences. We conclude that while differences in Ca2+ homeostasis contribute importantly to explaining the differences between the two receptor types, they are alone not sufficient to explain the differences in the photoreceptor's response. It is likely that Ca2+-independent inactivation of the transduction cascade enzymes is more rapid in cones than in rods.