Low-intensity pulsed ultrasound (LIPUS), as a new and ideal ultrasound treatment to promote fracture healing, has been used in clinical treatment. It is characterized by low energy intensity and pulse wave output, which mainly affects the human body through thermal effects and mechanical effects. In the process of promoting fracture healing, LIPUS can have certain effects on major bone cells. This article reviews the current research status and future research directions of LIPUS on bone cells and fracture healing.