Previously we have shown that heat-inactivated autologous serum (HAS) has a potential to stimulate proliferation and ostoblastic differentiation of bone marrow stromal cells (BMSCs). In the present study we investigated whether stimulatory effects of HAS on proliferation and osteoblastic differentiation of BMSCs are further potentiated by fibroblast growth factor-2 (FGF-2) and dexamethasone (Dex). As expected, FGF-2 and Dex stimulated proliferation of BMSCs up to 17% at 5 days and 26% at 7 days of culture compared to HAS control. These results suggest that FGF-2 and Dex in the presence of HAS further stimulate proliferation of BMSCs. In order to examine whether BMSCs expanded with FGF-2, Dex and HAS harbor multipotency, the expanded cells were stimulated with either osteogenic or adipogenic cocktails. BMSCs expanded with FGF-2, Dex and HAS for 7 days were able to be differentiated into either osteoblasts or adipocytes. Taken together, these results demonstrate that FGF-2 and Dex in combination with HAS further stimulates proliferation of BMSCs and these expanded cells maintain potentials to be differentiated into either osteoblasts or adipocytes.