Abstract: The incidence of osteoarthritis is increased with population aging, but the pathogenesis is unclear and the clinical treatment is not very effective. Therefore, exploring the new pathogenesis of osteoarthritis will provide more reference for the treatment of osteoarthritis. Recently, mesenchymal stem cells(MSCs) derived exosomes becomes a new research direction in osteoarthritis. Exercise-induced MSCs can promote the articular cartilage regeneration which plays an important role in the effects of exercise intervention on osteoarthritis. In this paper, the source of MSCs, secretion and paracrine pathway, immune regulation,osteogenesis ability and exercise intervention mechanisms were summarized. It was suggested that the MSCs injection may be a new way of osteoarthritis treatment and the exercise-induced MSCs could be a potential intervention mechanism for exercise treatment of osteoarthritis.