Crassulacean acid metaholism (CAM) was investigated in leaves and stems of the succulent $C_4$dicot Portulaca oleracea L. Under 14-hour days, stem tissues showed much greater fluctuation of acidity than leaf tissues. But leaf and stem tissues showed almost same CAM-like pattern of acid fluctuation under 8-hour days. Stem tissues of R oleracea grown under the naturai environment showed high CAM activity, but no CAM activity was seen in leaves of those plants. In the naturally growing plants, the rapid acidification was seen in intact stems at dawn, but defoliated stems showed only a gradual increase. RuBP carlboxylase activity was very high at 2:00 P.M. in both leaves and stems. However, its activity at 1:00 A.M. and 5:30 AM. was hardly detected. particularly, activity of PEP carboxylase in leaves was very high in the early morning, though that in stem tissues was little. These results indicate that $CO_2$ passed through open stomata at dawn may be assimilated by PEP carboxylase in leaves, and then $C_4$ products move to stems. The levels of nitrate concentration and of nitrate reductase were higher in stems than in leaves. The levels were also higher in the light than in the dark. It would be suggested that considerable amount of nitrate absorbed from roots ho assimilated in stems, and nitrate transferred to leaves via stem tissues be reduced there. Key words: Portalaca oleracea, Cactus, Photosynthesis, Nitrogen assimilation, Crassulacean acid metabolism (CAM).