Objectives. Osteochondral defects (OCDs) are localized areas of damaged cartilage and underlying subchondral bone that can produce pain and seriously impair joint function. Literature reports indicated that icariin (ICA) has the effect of promoting cartilage repair. However, its mechanism remains unclear. Here, we explored the effects of icariin and extracellular vesicles (EVs) from rabbit synovial‐derived mesenchymal stem cells (rSMSCs) on repairing of OCDs. Materials and Methods. Rabbit primary genicular chondrocytes (rPGCs), knee skeletal muscle cells (rSMCKs), and rSMSCs, and extracellular vesicles derived from the latter two cells (rSMCK‐EVs and rSMSC‐EVs) were isolated and identified. The rPGCs were stimulated with ICA, rSMSC‐EVs either separately or in combination. The rSMCK‐EVs were used as a control. After stimulation, chondrogenic‐related markers were analyzed by quantitative RT‐PCR and western blotting. Cell proliferation was determined by the CCK‐8 assay. The preventative effects of ICA and SMSC‐EVs in vivo were determined by H&E and toluidine blue staining. Immunohistochemical analyses were performed to evaluate the levels of COL2A1 and β‐catenin in vivo. Results. In vitro, the proliferation of rPGCs was markedly increased by ICA treatment in a dose‐dependent manner. When compared with ICA or rSMSC‐EVs treatment alone, combined treatment with ICA and SMSC‐EVs produced stronger stimulative effects on cell proliferation. Moreover, combined treatment with ICA and rSMSC‐EVs promoted the expression of chondrogenic‐related gene, including COL2A1, SOX‐9, and RUNX2, which may be via the activation of the Wnt/β‐catenin pathway. In vivo, combined treatment with rSMSC‐EVs and ICA promoted cartilage repair in joint bone defects. Results also showed that ICA or rSMSC‐EVs both promoted the COL2A1 and β‐catenin protein accumulation in articular cartilage, and that was further enhanced by combined treatment with rSMSC‐EVs and ICA. Conclusion. Our findings highlight the promising potential of using combined treatment with ICA and rSMSC‐EVs for promoting osteochondral repair.