The ovarian cycle is characterized by repeating patterns of cellular proliferation, differentiation and transformation that encompass follicular development and ovulation as well as the formation, function and regression of the corpus luteum (CL). This work reviews important steps in the regulation of final follicle growth and especially of angiogenesis during folliculogenesis, dominant follicle development, periovulation and corpus luteum formation. Our results indicate that the extracellular matrix (ECM) proteases (MMP and PA system) and angiogenic factors (VEGF, FGF and ANPT system) are involved in the local mechanisms regulating angiogenesis in the developing CL and angiolysis in the regressing CL. In both cases, capillary modulation provides a critical point highly necessary for ovarian function. An improved understanding of the mechanisms of follicular growth and maturation as well as luteal function and regression has obviously important implications for the regulation of fertility in the cow. Additionally the ovary offers an excellent system for studying and understanding molecular mechanisms of angiogenesis and angiolysis under physiological conditions.