From the more than 1500 Mammoth Lakes earthquakes recorded on three-component digital seismographs (Spudich et al., 1981), 150 were used in an analysis of the locations, mechanism, and source parameters. A composite fault plane solution of nine earthquakes 3.9 ≤ M ≤ 5.1 defines a right-lateral strike slip mechanism on a steeply dipping nearly east-west plane striking S75°E or left-lateral strike slip on a nearly north-south plane striking N10°E. Vertical cross sections of well-located aftershocks indicate possibly three east-west planes that coincide with the locations of the four largest earthquakes with ML ≥ 6.0. Using the spectral analysis of S waves (Brune, 1970), source parameters for 67 earthquakes were determined. Forty-eight had magnitudes greater than or equal to 3.0. Seismic moments ranged from 9.20×1018 dyn cm to 2.33×1024 dyn cm. Earthquakes with seismic moment greater than about 1.0×1021 dyn cm had nearly constant stress drops (≃ 50 bars); earthquakes with seismic moment less than about 1.0×1021 dyn cm had stress drops that apparently decrease as seismic moment decreases.