We discuss recent theoretical results on the polariton parametric amplifica
tion from semiconductor microcavities in the strong exciton-photon coupling
regime. A microscopic treatment of the interacting polariton system leads
to a clear description of the phase-matched four-polariton mixing. The resu
lts excellently explain the recent observation of giant angle-resonant ampl
ification in pump-probe experiments with co-circularly polarized beams.