Patients infected with SARS-CoV-2 carry the coronavirus disease 2019 (COVID-19) which involves multiple systems and organs with acute respiratory distress syndrome (ARDS) as the most common complication, largely due to cytokine storms or dysregulated immunity. As such, there are many severe patients with complications such as cytokine storm syndrome (CSS), who have a high fatality rate. Neither specific anti-SARS-CoV-2 drugs nor vaccines exist currently. Current treatment relies mainly on self-recovery through patients' immune function. Mesenchymal stem cells (MSCs) is a kind of multipotent tissue stem cells, which have powerful anti-inflammatory and immune regulatory functions, inhibiting the cytokine storms. In addition, MSCs have a strong ability to repair tissue damage and reduce the risk of severe complications such as acute lung injury and ARDS, and hopefully, reduce the fatality rate in these patients. There are several clinical types of research completed for treating COVID-19 with MSCs, all reporting restoration of T cells and clinical safety. Here we discuss the clinical prospect and conclude the therapeutic effects and potential mechanism for MSCs in treating COVID-19.