Through the reproductive system, it has been realized that the microRNAs (miRNAs) have emerged as one of the principal post-transcriptional gene regulators of the diverse developmental processes. The ovary, as a dynamic organ, co-ordinates follicle recruitment, selection, and ovulation, in which miRNAs play the central role almost in its all functions. Deregulation of these developmental procedures in ovary could lead to the ovarian dysfunction, infertility, decrease in the assisted reproductive treatment (ART) outcome, and death in some patients with ovarian cancer. In recent years, detection of ovarian extracellular miRNAs in body fluids such as follicular fluid and serum/plasma has opened a new era in the biomarker discovery field. Here through the present review, different aspects of the potential and proposed involvement of the extracellular miRNAs in both physiologic and pathologic contexts of the ovary have been discussed. Moreover, the researchers have addressed the relevant findings, challenges, and issues which associated with the extracellular miRNAs in the ovarian microenvironments to provide the better insight into understanding the molecular mechanisms which were involved in the pathophysiologic conditions. Finally, a comprehensive survey of the gaps has been discussed to hopefully shed new light and perspective on the development of the novel diagnostic and therapeutic platforms in the clinic.