Bronchopulmonary dysplasia is a common chronic lung disease in very low birth weight infants and lacks effective treatments. Mesenchymal stem cells （MSC） provide a new treatment for bronchopulmonary dysplasia due to their characteristics of immunoregulation，anti-inflammatory，and promotion of regeneration. Animal studies have shown that MSC are effective in the treatment of bronchopulmonary dysplasia，and it has entered the clinical trial stage. Basic research found that mesenchymal stem cells mainly play a role through paracrine，and mesenchymal stem cell-derived exosomes are a physiologically relevant and powerful component of the MSC secretion group. Therefore，this paper reviews the biological functions of mesenchymal stem cell-derived exosomes and their progress in the treatment of bronchopulmonary dysplasia.