Osteonecrosis of the femoral head (ONFH) is a disabling orthopedic disease, pathologically characterized by progressive collapse of the femoral head accompanied by destruction of the trabecular and articular cartilage structures, leading to hip joint pain and progressive functional impairment. Bone marrow mesenchymal stem cell-derived extracellular vesicles (BMSC-EVs) show great promise in tissue repair and regeneration, with low immunogenicity and tumorigenicity, and play roles in osteogenesis, angiogenesis, and immunomodulation. This review summarizes the therapeutic effects and underlying mechanisms of BMSC-EVs in ONFH, providing a theoretical basis for its treatment.