Transplanting mesenchymal stem cells (MSCs) has been widely perceived as an ideal treatment for bone repair and regeneration, owing to their differential potential. However, researchers found that very few intravenous MSCs could stay in the target tissue, whereas the majority of them are trapped in liver, spleen, and lung, largely reducing its therapeutic effects. Recently, extracellular vesicles (EVs) have attracted increased attention due to their function in bone repair and advantages over traditional cell therapy. Also, MSCs-derived EVs are likely to achieve the osteogenic goal via modulating the cells and cytokines involved in bone metabolism. This review aims at summarizing the function of EVs and MSCs in bone metabolism and regeneration.