The present study was undertaken to investigate the effect of acupuncture & moxibustion therapy on the hair follicle growth of skin 5 days and 10 days by macroscopic, microscopic and immunohistochemical methods. The results were as follows : Macroscopic hair follicle growth of plum-blossom needle treated group and strong moxibustion treated group was more increase than that of control group. Microscopic hair follicle growth of plum-blossom needle treated group and strong moxibustion treated group was hair growing cycle, anagen phase VI and that of control group and weak moxibustion treated group was hair growing cycle, anagen phase IV. Immunohistochemical observations on the expression of various growth factors, enzyme and receptor in hair follicle cycle after local treatment of acupuncture & moxibustion therapy are as follows: Expression of fibroblast growth factor was more intense in epidermis in plum-blossom needle treated group, epidermis and secondary hair germ cells in strong moxibustion treated group than control group. Expression of epidermal growth factor was more intense in epidermis in all experimental groups, and secondary hair germ cells in moxibustion treated group than control group. Expression of c-kit receptor was more intense in epidermis, secondary hair germ cells, outer root sheath in all experimental groups than control group. Expression of protein kinase C-${alpha}$ was more intense in epidermis, secondary hair germ cells, outer root sheath in all experimental groups than control group. Expression of vascular endothelial growth factor was more intense in epidermis, bulge, secondary hair germ cells, outer root sheath in plum-blossom needle treated group and strong moxibustion treated group than control group. We concluded that acupuncture & moxibustion therapy related to the expression of various growth factors, enzymes and receptor on the hair growth cycle for hair growth.