The present invention is directed to a smoking article which is capable of producing substantial quantities of aerosol, both initially and over the useful life of the product, without significant thermal degradation of the aerosol former and without the presence of substantial pyrolysis or incomplete combustion products.Preferred embodiments of the present smoking article comprises a short combustible carbonaceous fuel element, a short heat stable, preferably carbonaceous substrate bearing an aerosol forming substance and disposed longitudinally behind the fuel element, an efficient insulating means, and a relatively long mouthend piece. Preferably, the fuel element is provided with a plurality of longitudinally extending passageways which act to control the heat transferred from the burning fuel element to the aerosol generating means, thus preventing the thermal degradation of the aerosol former. The aerosol generating means comprises a conductive, preferably metallic chamber, which at least partially surrounds or encloses the substrate, and is in a conductive heat exchange relationship with the fuel element, and which contains an aerosol forming material.