In this study, we tried to develop a novel method to estimate arterial elasticity in human finger by volume oscillometric technique with photoplethysmograph. The amplitude variation of alternating signal of photoplethysmograph during the continuous change of transmural pressure was analyzed to obtain the pressure-relative volume difference relationship of arteries. The change of transmural pressure was performed using the occluding cuff through the gradual increase in the cuff pressure on the measuring site. Arterial elasticity was measured in various subjects to estimate the effects of age and gender on the arterial elasticity analysis. As the results of the analysis, the advancing age induced a rise in the relative volume difference values and the upwards shifting of transmural pressure-relative volume difference relationships, whereas gender had no impact on those forms of the index. In conclusion, our newly developed technique was proved to be useful to evaluate the arterial elasticity of human finger non-invasively, it is also effective to indicate the change of arterial elasticity which mainly caused by the aging process.