A 48-mGal gravity low coincides with Long Valley caldera and is mainly attributed to low-density caldera fill. Gravity measurements by Unocal Geothermal have been integrated with U.S. Geological Survey data, vastly improving gravity station coverage throughout the caldera. A strong regional gravity trend is mainly attributed to isostasy. A ''best fitting'' (based on regional control of basement densities) Airy-Heiskanen isostatic model was used for the regional correction. A three-dimensional, multiple-unit gravity modeling program with iterative capabilities was developed to model the residual gravity. The density structure of Long Valley caldera and vicinity was modeled with 22 discrete density units, most of which were based on geologic units. Information from drill hole lithologies, surface geology, and structural geology interpretations constrain the model. Some important points revealed by the three-dimensional gravity modeling are that (1) the volume of ejected magma associated with the Bishop Tuff eruption is greater than previously thought, (2) the caldera structure is strongly influenced by precaldera topography and the extensions of major, active faults, (3) the main west ring fracture is coincident with the Inyo Domes--Mono Craters fracture system, (4) a relatively low-density region probably underlies the caldera, and (5) a silicic magma chamber may underlie Devils Postpile. ¿ American Geophysical Union 1988