Classical concepts of the regulation of plasma cholesterol levels involve roles for the “forward” delivery of low density lipoprotein (LDL) cholesterol from the liver to the peripheral tissues, mediated by the LDL receptor, and a “reverse” delivery of cholesterol in the form of high density lipoprotein (HDL) from the peripheral tissues to the liver. Candidate receptors for HDL in peripheral tissues and for chylomicrons in the liver have more recently been described, and a receptor of uncertain function recognizing chemically modified LDL has also been identified. The activities of all the well‐characterized lipoprotein receptors, as well of major catalytic factors in plasma that regulate cholesterol esterification and cholesteryl ester transfer between lipoproteins, reflect the need to maintain plasma membrane free cholesterol level, and its direct and indirect effects within the membrane, within well‐defined limits.— Fielding. C. J. Lipoprotein receptors, plasma cholesterol metabolism and the regulation of cellular free cholesterol concentration. FASEB J. 6: 3162‐3168; 1992.