Mesenchymal stem cells (MSCs) have the property of osteogenic induction. As a result, using the property of MSCs to treat the fractures and bone defects has become a new treatment modality with the development of cell and tissue engineering technology. Caveolae is a flask-shaped membrane microdomain in cell membrane, which composed primarily of cholesterol, sphingolipids and proteins. Caveolin-1 is one of the main protein component. Caveolae is the integrator of cell signals, and many signal molecules gather here to bind with caveolin-1 protein to regulate cell proliferation, differentiation and other life activities. This paper presents a review about Caveolae/Caveolin-1 biologic effects on cell differentiation of MSCs.