This review continues a general presentation of the metabolism of drugs and other xenobiotics begun in five recent issues of Chemistry & Biodiversity. The present Part is dedicated to the pharmacological and toxicological consequences of drug and xenobiotic metabolism. In other words, the key concepts here are activation vs. deactivation, toxification vs. detoxification, and their interplay. These concepts are illustrated with a number of medicinally, toxicologically, and environmentally relevant examples. But, far from being concerned only with individual cases, the review is based on broad classifications, global rationalizations, and synthetic hypotheses.