Purpose Propofol is a common anesthetic agent used for oocyte retrieval procedures to reduce the pain and fear in outpatients. However, the potential effects and safety of propofol on in vitro fertilization and embryo transfer (IVF-ET) is not clear yet. Methods A total of 1187 patients undergoing IVF-ET were recruited in this retrospective study and divided into two groups depending on whether they received propofol (propofol group, n = 140) or not (control group, n = 1047) for anesthesia during oocyte retrieval. Results Baseline information did not differ between the two groups (p > 0.05). Compared with control group, the number of oocytes retrieved in propofol group was more (p = 0.012), while both the estradiol (E2) level on the trigger day and the pre-ovulatory follicle count were higher in propofol group ((p < 0.01). Furthermore, the preterm delivery rate was higher in the propofol group (p < 0.001). To further analyze the effect of propofol on the oocyte retrieval rate, patients were divided into three subgroups depending on the pre-ovulatory follicle count (≤ 10, 11–20, and > 20) to eliminate the influence of inconsistency in the estimation of the pre-ovulatory follicle count between the two groups. Data showed that oocyte retrieval with propofol was beneficial for getting more oocytes in the pre-ovulatory follicle count 11–20 subgroup (p < 0.001). Conclusion Oocyte retrieval with propofol had no negative effect on fertilization, embryo quality, and clinical outcomes, and could raise the oocyte retrieval rate in patients with an estimated pre-ovulatory follicle count 11–20. These findings provided evidence for further clinical applications of this technique.