Recent years have witnessed the emergence of a considerable amount of data pertaining to the application of bone marrow mesenchymal stem cells (MSCs) in promoting angiogenesis in the field of regenerative medicine. Nevertheless, some authors have provided evidence that MSCs can also prevent the process of angiogenesis, which is desirable in certain pathologies such as tumor growth. Plenty of in vitro and in vivo research studies have been undertaken to illuminate the underlying mechanisms by which MSCs promote or inhibit neo-angiogenesis. To date, both secretary capacity and differentiation into endothelial-like cells have been reported in MSC-based pro-angiogenic therapies. This review seeks to shed further light on interactions between MSCs and endothelial cells in different physiopathological conditions.