Since late 2019, the world has been devastated by the coronavirus disease 2019 (COVID‐19) induced by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2), with more than 760 million people affected and ∼seven million deaths reported. Although effective treatments for COVID‐19 are currently limited, there has been a strong focus on developing new therapeutic approaches to address the morbidity and mortality linked to this disease. An approach that is currently being investigated is the use of exosome‐based therapies. Exosomes are small, extracellular vesicles that play a role in many clinical diseases, including viral infections, infected cells release exosomes that can transmit viral components, such as miRNAs and proteins, and can also include receptors for viruses that facilitate viral entry into recipient cells. SARS‐CoV‐2 has the ability to impact the formation, secretion, and release of exosomes, thereby potentially facilitating or intensifying the transmission of the virus among cells, tissues and individuals. Therefore, designing synthetic exosomes that carry immunomodulatory cargo and antiviral compounds are proposed to be a promising strategy for the treatment of COVID‐19 and other viral diseases. Moreover, exosomes generated from mesenchymal stem cells (MSC) might be employed as cell‐free therapeutic agents, as MSC‐derived exosomes can diminish the cytokine storm and reverse the suppression of host anti‐viral defences associated with COVID‐19, and boost the repair of lung damage linked to mitochondrial activity. The present article discusses the significance and roles of exosomes in COVID‐19, and explores potential future applications of exosomes in combating this disease. Despite the challenges posed by COVID‐19, exosome‐based therapies could represent a promising avenue for improving patient outcomes and reducing the impact of this disease.