Tracheobronchomalacia (TBM) is a condition associated with weakness of the tracheobronchial cartilage. Excessive dynamic airway collapse (EDAC) refers to excessive bulging of the posterior membrane into the airway lumen during exhalation. Patients with EDAC/TBM may present with dyspnea and refractory wheezing, mimicking the presentations of chronic obstructive pulmonary disease (COPD) and asthma exacerbations. TBM and EDAC should be listed in the differential diagnosis of expiratory wheezing. Here, we present the case of a patient with COPD and bilateral pleural effusion due to diastolic heart failure who developed severe expiratory wheezing in the central airways. The wheezing was refractory to inhaled bronchodilators and systemic steroids. Bronchoscopy showed TBM and EDAC, which could be gradually relieved by increasing the levels of positive end-expiratory pressure (PEEP). The central wheezing almost completely disappeared after drainage of the bilateral pleural effusion. The follow-up bronchoscopy revealed no evidence of TBM or EDAC. Experience with this case suggests that EDAC may result from massive bilateral pleural effusion in patients with COPD.