Mesenchymal stem cells, which have the potential to be used in regenerative medicine, require improvements in quality for patient use. To maintain stemness of cultured bone marrow derived mesenchymal stem cells, we focused on the bone marrow micro environment, generated a conditioned medium of whole bone marrow cells (BMC CM), and assessed its effects on bone marrow derived mesenchymal stem cells. BMC CM suppressed morphological deterioration and proliferative decline in cultured bone marrow derived mesenchymal stem cells, suppressed mitochondrial oxida tive phosphorylation activity, a stemness indicator, and upregulated suppressors of oxidative phosphorylation such as hypoxia inducible factor 1 alpha, Sirtuin 3, 4, and 5. Furthermore, BMC CM upregu lated TNF stimulated gene 6 and ameliorated the therapeutic effects of cells on liver injury in carbon tetrachloride administered rats. Since the elimination of 20-220 nm particles attenuated the effects of BMC CM, we further analyzed exosomal microRNAs produced by whole bone marrow cells. Among the 49 microRNAs observed to be upregulated during the preparation of BMC CM, several were identified that were associated with suppression of oxidative phosphorylation, upregulation of TNF stimulated gene 6, and the pathogenesis of liver diseases. Thus, bone marrow derived humoral factors including exosomal microRNAs may help to improve the therapeutic quality of bone marrow derived mesenchymal stem cells for liver regenerative therapy.