In this paper, we derive a four-dimensional ordinary differential equation (ODE) model representing the main interactions between Sox9, Sox10, Olig2 and several miRNAs, which drive the process of (olygodendrocyte) differentiation. We utilize the Lyapunov–Andronov theory to analyze its dynamical properties. Our results indicated that the strength of external signaling (morphogenic gradients shh and bmp), and the transcription rate of mOlig2 explain the existence of stable and unstable (sustained oscillations) behavior in the system. Possible biological implications are discussed.