The concept of therapeutic angiogenesis -- stimulation of new vessels growth to restore blood supply to ischemic tissue has been studied in a number of clinical trials in patients with advanced coronary and peripheral arterial disease. This review discusses the main biological processes underlying new vessel growth and addresses applications of growth factor and cell therapy based on the stimulation of angiogenesis. While still very young and controversial, cell therapy has an enormous potential that is yet to be explored. Multiple questions remain unanswered including the choice of the best cell type, patient selection and the mechanism of action. Nevertheless, much should be expected in this area in the next decade with the likely emergence of new therapies for treatment of ischemic diseases.