Mammalian mitochondrial translational initiation factor 3 (IF3 mt) promotes initiation complex formation on mitochondrial 55S ribosomes in the presence of IF2 mt, fMet-tRNA and poly(A,U,G). The mature form of IF3 mt is predicted to be 247 residues. Alignment of IF3 mt with bacterial IF3 indicates that it has a central region with 20–30% identity to the bacterial factors. Both the N- and C-termini of IF3 mt have extensions of ∼30 residues compared with bacterial IF3. To examine the role of the extensions on IF3 mt, deletion constructs were prepared in which the N-terminal extension, the C-terminal extension or both extensions were deleted. These truncated derivatives were slightly more active in promoting initiation complex formation than the mature form of IF3 mt. Mitochondrial 28S subunits have the ability to bind fMet-tRNA in the absence of mRNA. IF3 mt promotes the dissociation of the fMet-tRNA bound in the absence of mRNA. This activity of IF3 mt requires the C-terminal extension of this factor. Mitochondrial 28S subunits also bind mRNA independently of fMet-tRNA or added initiation factors. IF3 mt has no effect on the formation of these complexes and cannot dissociate them once formed. These observations have lead to a new model for the function of IF3 mt in mitochondrial translational initiation.