Articular cartilage has limited self-healing capacity due to the absence of blood vessels and nerves. Stem cell-based tissue engineering offers promising therapies for cartilage repair, but mesenchymal stem cell (MSC) sources are limited, and replicative senescence and decreased chondrogenic differentiation potential occur during in vitro expansion. Decellularized stem cell matrix (DSCM), a bioactive material, enhances MSC proliferation, chondrogenic differentiation, and resistance to replicative senescence and inflammation, making it a promising tool in cartilage tissue engineering. The regenerative efficacy of DSCM in cartilage repair is modulated by variables such as the cell source, fabrication techniques, and modes of application. Notably, its successful application in promoting cartilage regeneration in small animal models underscores its substantial potential for clinical translation. This review highlighted the impact of DSCM deposited by expanded MSCs in vitro on MSC proliferation, chondrogenic differentiation, replicative senescence, and inflammatory response, providing insights into its potential for cartilage repair through stem cell-based tissue engineering.