In the present part, various biological and immunological natures of the virus of "Izumi fever" were investigated and compared with those of hepatitis virus isolated from the patients of infectious hepatitis. The results are summarized as follows: 1) In regard to the heat-resistance, drug-resistance and infectious aspect in chick-embryo, both viruses of "Izumi fever" and infectious hepatitis hadea great similarity. 2) As for the immunological nature, the neutralization of the virus of "Izumi fever" was established to some extent by the patient seram or rabbit immune serum but not by the hepatitis seram. These neutralization tests, however, seemed to be not the absolute one for the differentiation between these two sorts of viruses. 3) As mentioned above, the virus of "Izumi fever" has a great similarity to that of infectious hepatitis, and the difference in each nature is hardly observed. The discrimination between these two ones, however, become possible by putting all of these natures together