Umbilical cord Wharton's jelly‐derived mesenchymal stem cells (WJ‐MSCs) have recently gained considerable attention in the field of regenerative medicine. Their high proliferation rate, differentiation ability into various cell lineages, easy collection procedure, immuno‐privileged status, nontumorigenic properties along with minor ethical issues make them an ideal approach for tissue repair. Besides, the number of WJ‐MSCs in the umbilical cord samples is high as compared to other sources. Because of these properties, WJ‐MSCs have rapidly advanced into clinical trials for the treatment of a wide range of disorders. Therefore, this paper summarized the current preclinical and clinical studies performed to investigate the regenerative potential of WJ‐MSCs in neural, myocardial, skin, liver, kidney, cartilage, bone, muscle, and other tissue injuries.