The theological properties of aqueous suspensions of Black Hills bentonite were measured by using a Couette-type viscometer. Three kinds of flow units in aqueous bentonite suspension were postulated. Each has a different average relaxation time, one Newtonian. One of the non-Newtonian types is thixotropic, and the other is non-thixotropic. The thixotropic non-Newtonian unit is transformed to a Newtonian unit by shear stress. If the stress is relieved, the transformed unit returns to its original state. Two flow equations were derived by introducing chemical kinetics consideration for such a transition into the generalized theory of viscous flow. One equation describes the "upcurve," a diagram of rate of sheat versus shear stress, obtained by increasing the rate of shear, and the other relates to the "downcurve" obtained by decreasing the shear rate. The equations satisfactorilly describe the experimental thixotropic hysteresis of bentonite suspensions. The equations also were successfully applied to the flow curves of the suspensions containing various amounts of monovalent electrolyte (KCI).