Abstract: Nicotinamide ribose has many applications, including as a dietary supplement. This invention convers a process to prepare nicotinamide ribose it in its phosphorylated form. The instant invention is based on the discovery that nicotinamide ribose phosphate emerges in stable form by direct reaction of ribose-1,2-cyclic phosphate. It is based on the further conversion of the phosphorylated nicotinamide ribose product to unphosphorylated nicotinamide ribose upon treatment with an enzymatic phosphatase, most preferably in buffer containing borate. It is based on the further discovery that compositions of nicotinamide ribose with borate slow the decomposition of nicotinamide ribose, and therefore is more useful than compositions of nicotinamide ribose without borate.