Orthopedic diseases, such as osteoarthritis and fractures, place a significant burden on individuals and healthcare systems worldwide. Extracellular vesicles (EVs), which are membrane‐derived particles, have emerged as a novel tool in the field of orthopedics. EVs play a crucial role in diagnosing, regenerating, and treating orthopedic diseases. In terms of diagnosis, EVs serve as potential biomarkers, carrying unique donor cell information and circulating effectively in bodily fluids. Specific biomolecules within EVs, including proteins, nucleic acids, and microRNAs, hold promise as biological markers for the early detection and monitoring of orthopedic diseases. EVs have shown significant potential in promoting bone and cartilage regeneration. They can enhance tissue regeneration by stimulating various stem cells to proliferate, migrate, and differentiate into mature chondrocytes and osteocytes. EVs can also target specific tissues, making them attractive candidates for drug delivery in orthopedic diseases. They can efficiently deliver therapeutic cargo, such as anti‐inflammatory agents and growth factors, to the affected sites, enhancing treatment efficacy while minimizing toxicity and adverse effects. In conclusion, EVs have significant potential in diagnosing, regenerating, and treating orthopedic diseases.