Our objective was to assess the rejuvenation effect of extracellular matrix (ECM) deposited by human bone marrow stromal cells (hBMSCs) on hBMSC expansion and tissue-specific lineage differentiation potential. Passage 5 hBMSCs were expanded on ECM or conventional plastic flasks (Plastic) for one passage. Cell number was counted and immunophenotype profiles were assessed using flow cytometry. Selected integrins and proliferation-related pathway signals were assessed using Western blot. The expanded cells were evaluated for their chondrogenic potential in a pellet culture system with TGF-β3-containing chondrogenic medium using gross morphology, histology, immunostaining, biochemical analysis, real-time polymerase chain reaction, Western blot, and biomechanical testing. ECM-expanded hBMSCs were further evaluated for their osteogenic potential using Alizarin Red S staining and alkaline phosphatase activity assay and for their adipogenic potential using Oil Red O staining. ECM-expanded hBMSCs exhibited an enhanced proliferation capacity and an acquired robust chondrogenic potential compared to those grown on Plastic. ECM expansion decreased intracellular reactive oxygen species and increased stage-specific embryonic antigen-4 expression in hBMSCs. ECM expansion also upregulated integrins α2 and β5 and induced a sustained activation of Erk1/2 and cyclin D1. Interestingly, upregulation of TGF-β receptor II during cell expansion and chondrogenic induction might be responsible for an enhanced chondrogenic potential in ECM-expanded hBMSCs. We also found that ECM-expanded hBMSCs had an increased osteogenic potential and decreased adipogenic capacity. ECM deposited by hBMSCs may be a promising approach to expand BMSCs from elderly patients for the treatment of large-scale bone defects through endochondral bone formation.