The cell-envelope-associated proteinase of Lactobacillus delbrueckii subsp. lactis CRL 581 (PrtL) has an essential role in bacterial growth and contributes to the development of the organoleptic properties of hard cheeses and to the release of bioactive health-beneficial peptides from milk proteins. In this study, the effect of environmental pH on PrtL production by L. delbrueckii subsp. lactis CRL 581 in a chemically defined medium and the influence of pH, temperature, and Ca2+ ions on PrtL activity, stability, and release from the cell envelope were analyzed. The maximum PrtL activity levels were observed in the middle of the exponential growth phase, with the values at constant pH of 5.5 and 6.0 being higher than those observed at pH 4.5 and 5.0. At pH 4.5, PrtL remained mainly associated with the cell envelope, whereas at pH values of 5.5 or higher, approximately 40% of PrtL was found in the medium. In addition, the PrtL activity was stable for 24 h at 4 and 25 °C, and its release at 4, 25, and 40 °C was time-dependent. PrtL activity, stability, and release were independent of the presence of Ca2+ ions in the medium. These results indicated that, at pH and temperature conditions found during the manufacture of hard cheeses, PrtL would remain active either bound to the cell or released in the supernatant contributing to the organoleptic characteristics and beneficial health effects of the fermented milk products.