Aim. To determine the significance of the angiogenic activity estimated from the gene expression of the vascular endothelial growth factors (VEGFs) VEGF-A, VEGF-C, and VEGF-D and their receptors VEGFR1, VEGFR1s, VEGFR2, and VEGFR3 in the mononuclear cell fraction of bone marrow (BM) aspirates with tumor plasma cells predominating in different variants of the course of multiple myeloma (MM). Materials and methods. The gene expression of VEGF-A, VEGF-C, and VEGF-D and their receptors VEGFR1, VEGFR1s, VEGFR2, and VEGFR3 was determined by reverse-transcription polymerase chain reaction (RT-PCR). Results. VEGF-A, VEGF-C, VEGF-D, as well as VEGFR1, VEGFR1s, VEGFR2, and VEGFR3 were expressed showing different intensities in the mononuclear cell fraction of BM aspirates with a predominance of tumor plasma cells in the patients with MM, which allowed patient groups to be identified. In the group of high gene expression of VEGFs and their receptors, the number of clusters of plasma cells and vascular endothelium in the BM aspirates and the degree of osteolysis in the skeletal bones of patients with MM were significantly higher than those in the group of low or absent gene expression. The survival in the latter group was significantly higher. Conclusion. The investigation could provide an estimate of angiogenic processes in MM and establish their association with clinical manifestations and cytological characteristics.