There is increasing evidence that extracellular matrix (ECM)‐degrading proteinases contribute to the process of medial hypertrophy and neointimal proliferation in pulmonary vascular diseases. However, little is known about how proteinases, specifically elastases, induce vascular smooth muscle cell (SMC) hyperplasia. Our objective was to determine whether exogenous human leukocyte elastase (HLE), as well as endogenous vascular elastase, could release basic fibroblast growth factor (bFGF), a potent mitogen stored in the ECM surrounding SMCs. Cultured ovine and porcine pulmonary artery SMC were pre‐incubated with [¹²⁵I]‐bFGF. After removal of unbound [¹²⁵I]‐bFGF, administration of HLE (0–1.0 μg/ml, 1 h) resulted in a concentration‐dependent accumulation of [¹²⁵I]‐bFGF in the conditioned medium, mirrored by depletion from the ECM. The serine elastase inhibitor elafin blocked this HLE‐mediated action. Assessment by Western immunoblotting further demonstrated that HLE evoked the release of ECM‐bound endogenous bFGF. When incubated with serum‐starved SMC, conditioned medium from HLE‐treated cells stimulated [³H]‐thymidine incorporation, a feature neutralized by bFGF antibodies. In addition, SMC exposed to serum treated elastin (STE), previously shown to stimulate endogenous vascular elastase, liberated bioavailable bFGF from ECM stores, as determined by autoradiography, Western immunoblotting, and stimulation of DNA synthesis and SMC proliferation. Chondroitin sulfate, an inhibitor of STE‐induced elastase activity, attenuated the release of bFGF. Our studies demonstrate that HLE, secreted by inflammatory cells, and endogenous vascular elastase release matrix‐bound bFGF, suggesting a mechanism whereby elastases, through degradation of ECM, induce SMC proliferation associated with progressive vascular disease. © 1996 Wiley‐Liss, Inc.