Since the outbreak of Coronavirus disease 2019 (COVID-19), researchers have been proposing new treatment regimes. However, there is no specific treatment or drug for COVID-19. Mesenchymal stem cells (MSCs) are a class of multipotent tissue stem cells with immunoregulatory and tissue repair functions. Several studies using MSCs for the treatment of acute lung injury, severe pneumonia, and acute respiratory distress syndrome have shown safety and effectiveness. Domestic and foreign clinical trials using MSCs to treat COVID-19 have been approved and filed, which are underway. Considering the pathological characteristics of COVID-19, discussing the scientific basis and feasibility of MSCs treatment may explore the potential values of MSCs for the treatment of COVID-19.