Platelet‐rich plasma (PRP), due to its promising therapeutic properties, has been used in regenerative medicine for more than 30 years and numerous encouraging outcomes have been obtained. Currently, by benefiting from new insights into PRP mechanisms and the excellent performance of extracellular vesicles (EVs) in the field of tissue repair and regeneration, studies have found that a large number of EVs released from activated platelets also participate in the regulation of tissue repair. A growing number of preclinical studies are exploring the functions of PRP‐derived EVs (PRP‐EVs), especially in tissue regeneration. Here, we summarize the latest progress in PRP‐EVs as a superior alternative cell‐free therapeutic strategy in regenerative medicine, clarify their underlying molecular mechanisms, and discuss the advantages and limitations of the upcoming clinical applications. This review highlights the potential of PRP‐EVs to replace the application of PRP or even become a superior alternative in regenerative medicine. Platelet‐rich plasma (PRP) has been used in regenerative medicine for more than 30 years and has obtained numerous encouraging outcomes. Previous views suggested that the powerful repair ability of PRP was derived mainly from the abundant secreted growth factors. However, over the past five years, scientists found that, in addition to growth factors, a large number of EVs were also released from activated PRP to participate in the regulation of tissue repair. This review summarizes the latest reported progress of PRP‐EVs as a superior alternative cell‐free therapeutic strategy in regenerative medicine, clarifies their underlying molecular mechanisms and discusses the advantages and limitations of the upcoming clinical applications. Compared to the well‐studied PRP, PRP‐EVs exhibit more significant advantages in regenerative medicine. With the continuous advances in the understanding of the molecular mechanisms of PRP‐EVs and with more convincing clinical evidence, we believe that PRP‐EVs may replace the application of PRP or even become a superior alternative for regenerative medicine in the near future.