Asymptotic expansions of renormalized Feynman amplitudes in limits of large momenta and/or masses are proved. The corresponding asymptotic operator expansions for the S-matrix, composite operators and their time-ordered products are presented. Coefficient functions of these expansions are homogeneous within a regularization of dimensional or analytic type. Furthermore, they are explicitly expressed in terms of renormalized Feynman amplitudes (at the diagrammatic level) and certain Green functions (at the operator level).