Osteoarthritis (OA) is a common and crippling joint disease characterized by cartilage degeneration, subchondral bone sclerosis, and synovitis. The main clinical manifestations of OA are chronic joint pain and impaired mobility, which seriously affect patient’s quality of life. Circular RNAs (circRNAs) are noncoding RNAs that are widely discovered in eukaryotic cells. Unlike standard linear RNAs, circRNAs form a covalently closed continuous loop structure without a 5′ or 3′ polarity. Various experiments in recent years have confirmed that numerous circRNAs appear to be differentially expressed in OA cartilage and synovium. And they are closely associated with various pathological progressions in OA, such as extracellular matrix degradation, chondrocyte apoptosis, and inflammation. In this review, we briefly described the biogenesis, characterization, and functions of circRNAs. And we focused on the relationships between circRNAs and OA progression. At last, we further discussed the prospects of clinical applications of circRNAs in OA, with the expectation to provide feasible directions for OA diagnosis and treatment.