Stem cell-derived exosomes and microvesicles are nanoscale extracellular vesicles which have merged as mediators of intercellular communication through delivering bioactive substances. They have showed promising potential in regenerative therapy due to their capacity in promoting tissue regeneration. It has been reported that stem cell-derived extracellular vesicles could enhance bone regeneration. The underlying mechanisms included inhibiting osteocyte apoptosis induced by ischemia and hypoxia, enhancing the proliferation, migration, and osteogenic differentiation of stem cells, and promoting angiogenesis. Further investigations indicated that microRNA seemed to play an important role in exosome-mediated regeneration. In this review, we summarized the biogenesis, components and functions of stem cell-derived extracellular vesicles as well as the current progress of their mechanisms and applications in bone regeneration.