A new time-of-flight mass spectrometer was evaluated for performing simultaneous metabolic stability measurement and metabolite identification with ultrahigh-pressure liquid chromatography. Six representative compounds (clomipramine, diclofenac, imipramine, haloperidol, verapamil, and midazolam) were incubated in rat liver microsomes at a more physiologically relevant substrate concentration (1 ?M). High-resolution full-scan and product-ion spectra were acquired in a single injection using generic methodology. Quantitative clearance of the parent was measured using the full-scan data. Major metabolites were identified using the accurate mass product ion spectra. High scanning speed allowed for a sufficient number of data points to be collected across the chromatographic peak for quantitative analysis. Sensitivity was sufficient for obtaining meaningful kinetics with a 1 ?M initial substrate concentration.