Mesenchymal stem cells (MSCs) exist in bone marrow and other musculoskeletal tissues. These cells contribute to the homeostasis of musculoskeletal tissue as well as support for the growth and differentiation of primitive hemopoietic cells. Recent advancements in tissue engineering and regenerative medicine have highlighted MSCs as a potential source of cells which would differentiate to a variety of tissue tailored to individual needs. This paper briefly outlines the current status of MSCs, focusing on their biological characteristics and potential for clinical applications.