IL‐33 released from damaged cells plays a central role in allergic inflammation by acting through its membrane‐bound receptor, ST2 receptor (ST2L). IL‐33 activity can be neutralized by the soluble spliced variant of ST2 (sST2) that has been associated with allergic inflammation but its source is not well defined. We investigated whether mast cells (MCs) are a significant source of sST2 following activation through FcεRI or ST2. We find that antigen and IL‐33 induce substantial production and release of sST2 from human and mouse MCs in culture and do so synergistically when added together or in combination with stem cell factor. Moreover, increases in circulating sST2 during anaphylaxis in mice were dependent on the presence of MCs. Human MCs activated via FcεRI failed to generate IL‐33 and IL‐33 produced by mouse bone marrow‐derived MCs was retained within the cells. Therefore, FcεRI‐mediated sST2 production is independent of MC‐derived IL‐33 acting in an autocrine manner. These results are consistent with the conclusion that both mouse and human MCs when activated are a significant inducible source of sST2 but not IL‐33 and thus have the ability to modulate the biologic impact of IL‐33 produced locally by other cell types during allergic inflammation.