The equilibrium constant of a chemical reaction is the value of its reaction quotient at chemical equilibrium, a state approached by a dynamic chemical system after sufficient time has elapsed at which its composition has no measurable tendency towards further change. For a given set of reaction conditions, the equilibrium constant is independent of the initial analytical concentrations of the reactant and product species in the mixture.  Thus, given the initial composition of a system, known equilibrium constant values can be used to determine the composition of the system at equilibrium.  However, reaction parameters like temperature, solvent, and ionic strength may all influence the value of the equilibrium constant.
A knowledge of equilibrium constants is essential for the understanding of many chemical systems, as well as biochemical processes such as oxygen transport by hemoglobin in blood and acid–base homeostasis in the human body.
Stability constants, formation constants, binding constants, association constants and dissociation constants are all types of equilibrium constants.