Changes in cellular cholesterol level affect transmitter release but the role of cholesterol in the fusion machinery is not well understood. Using carbon fiber amperometry, we examined whether changes in cellular cholesterol level has any direct effect on the release of catecholamines from individual chromaffin granules. To avoid any possible effect of cholesterol perturbation on ion channels, exocytosis was stimulated directly via whole-cell dialysis of a Ca2+-buffered solution. Cellular cholesterol level was either reduced by ∼30% (via a cholesterol synthesis inhibitor and extracellular application of a cholesterol extractor) or increased by ∼3 fold (via loading of cholesterol). Changes in cellular cholesterol level did not affect the rate of exocytosis, the quantal size or the kinetic parameters of the main amperometric spikes (which reflect the rapid release during and after the rapid dilation of the fusion pore). In contrast, cholesterol perturbation affected the amperometric foot signals (which reflect the catecholamine leakage via a semi-stable fusion pore). Reduction of cellular cholesterol destabilized the fusion pore while it was flickering (resulting in a decrease in the proportion of “stand-alone foot” signal) and before the onset of rapid dilation (resulting in a shortening of the foot signal). Elevation in cellular cholesterol level had opposite effects, suggesting that cholesterol elevation increased the stability of the semi-stable fusion pores. Acute extraction of cholesterol from the cytosolic side of the plasma membrane (via whole-cell dialysis of a cholesterol extractor) also shortened the foot signal and reduced the proportion of “stand-alone-foot” signals. However, acute extracellular application of cholesterol or its extractor did not affect the amperometric signals. We suggest that cholesterol on the cytosolic leaflet of the vesicular membranes constrained the fusion pores of chromaffin granules before the onset of rapid dilation.