Abstract. We investigate the problem of showing that the values of a given polynomial are smooth (i.e., have no large prime factors) a positive proportion of the time. Although some results exist that bound the number of smooth values of a polynomial from above, a corresponding lower bound of the correct order of magnitude has hitherto been established only in a few special cases. The purpose of this paper is to provide such a lower bound for an arbitrary polynomial. Various generalizations to subsets of the set of values taken by a polynomial are also obtained. 1.