A method of expanding and maintaining pluripotent stem cells in an undifferentiated state, the method comprising culturing the pluripotent stem cells in a suspension culture devoid of substrate adherence or external matrix components in a culture medium being serum-free, feeder-free, matrix-free and protein carrier-free and comprising a differentiation inhibitory factor and serum replacement, wherein said differentiation inhibitory factor consists of basic fibroblast growth factor (bFGF) at a concentration range of about 50-200 ng/ml wherein the culture medium is capable of maintaining pluripotent stem cells in an undifferentiated state.