While idiopathic pulmonary fibrosis (PF) is a devastating lung disease, the management of PF including effective monitoring of disease progression remains a challenge. Herein, we introduce a novel, fast and ultra-sensitive metalloproteinase (MMP) activatable optical probe, named MMP-P12, to non-invasively monitor PF progression and response to PF treatment. A bleomycin (BLM)-induced mouse PF model was subjected non-invasively to optical imaging at various time points after BLM treatment. Mouse PF model developed fibrosis during 21 days of experimental period, and the progression of PF was well correlated with the step-wise increase of MMP-2 expression as examined by quantitative RT-PCR and western blot analysis on the 7-, 14-and 21-day post-BLM administration. On these days, MMP-activated fluorescence images were acquired in vivo and ex vivo. Signal quantification showed time-dependent lung-specific incremental increases in fluorescence signals. As a treatment for PF, secretoglobin 3A2 was daily administered intravenously for five days starting day seven of BLM administration, which resulted in reduced MMP-2 activity and reduction of PF as previously demonstrated. Importantly, the fluorescence signal that reflected MMP activity also decreased in intensity. In conclusion, MMPs may play an important role in PF development and MMP-P12 probe could be a promising tool for PF detection, even at an early stage of the disease as well as an indicator of therapy response.