Osmotic pressure measurements of human serum albumin (HSA) dissolved in water and in 0.01, 0.1, and 1.0 M phosphate buffer are reported as a function of the protein concentration, Two different forms of the protein were studied: defatted HSA (HSA1) and HSA with fatty acids (HSA2). The measured values of the osmotic coefficient were well below 1, indicating large deviations from ideality even for dilute protein solutions. The measured values increased with increasing HSA concentration and the increase was a function of pH. For higher concentrations of added phosphate buffer, the pH of solution had less influence on the measured osmotic pressure. The osmotic pressure of HSA1 in water was found to be considerably lower than that of the HSA2 modification. This effect was ascribed to formation of dimers in the HSA1 solution. The osmotic measurements were complemented by the small-angle X-ray scattering (SAXS) and dynamic light scattering (DLS) studies of dilute HSA solutions in water. The SAXS and DLS data confirmed the dimerization of HSA1 molecules under these conditions. Detailed analysis of the SAXS data suggested a parallel orientation of two protein molecules in a dimer,