By the year 1992, the first permanently-manned U.S. Space Station will be entering its operational phase. The development of this Space Station is the next step in the evolutionary Space Transportation System concept. Initially, it will be composed of an 8-man Space Station in low inclination and low earth orbit. By the mid-1990's, the Space Station will have grown to a 12- to 16-man on-orbit facility with Station-tended platforms at low and high inclinations, and Station-based upper stage capability. This system will offer a unique capability for research and development through extensive, long-duration observations and experimentation. In addition, individual users can take advantage of the myriad of technological breakthroughs achieved in other user areas (e.g., upper stage placement techniques, data handling routines, satellite servicing methodologies, etc.). Payloads delivered to the Space Station have their own specific requirements, capabilities and limitations. Electro-optical payloads are no exception. This paper discusses the Space Station and its potential benefits to electro-optical payloads. Prospective outlooks for research and development projects on the Space Station are made for two electro-optical payload categories; i.e., astrophysical and geophysical. Examples of how the Space Station facilitates research and development for electro-optical payloads located both at the Space Station and as free-flyers are given. In conclusion, cost summaries are established for utilizing the Space Station. This includes a) analysis of the Space Station as a transportation node, b) user servicing and reconfiguration costs, and c) trade-offs between Space Station attached versus free-flying payloads.