Objective To investigate the effects of CPO-PCL particles on the proliferation, survival and bone differentiation of ADMSC in vitro under hypoxia. Methods Rat adipose mesenchymal stem cells (ADMSC) were extracted and added into the prepared CPO-PCL particles. The cells were cultured in normal or osteogenic differentiation under anoxia/normoxia environment. On day 7 and 14, cell proliferation was detected by MTT assay, ALP kit was used to detect the level of ALP, and alizarine red staining was used to observe the calcification of nodulation. Immunofluorescence staining was used to observe the fluorescence color rendering of RUNX2, OCN and OPN in cells. Results No matter under normoxia or hypoxia, CPO-PCL significantly promoted cell proliferation, ALP content, osteogenic differentiation, and RUNX2, OCN and OPN protein content. However, under hypoxic conditions, the proliferation and osteogenic differentiation of cells were significantly weakened compared with those in normoxia, while under hypoxic conditions, the higher the content of the particles, the stronger the cell proliferation and osteogenic differentiation, and the more obvious the effect of the particles on the cells in the osteogenic induction medium. Conclusion CPO-PCL microparticles can promote the proliferation, survival and bone differentiation of ADMSCs in vitro under hypoxia, and the effect is more significant with the increase of the concentration.