This volume contains the Proceedings of the US-Russian conference on Magneto-hydrodynamic Stability and Dynamos held at the Mathematics Department of the University of Chicago from 21st May to 26th May 1992. Originally the conference was planned to be held in Moscow in August 1991. Because of political developments at that time in Russia, the location of the conference was changed to Chicago. We would like to thank Professor V.I. Keilis-Borok, Director of M.I.T.P.A.N. in MOSCOW, for his full support during the initial planning stage for the conference.