Islet-1 (Isl1), a LIM homeodomain protein, is expressed in the embryonic pancreatic epithelium. As a key transcription factor, Isl1 can not only regulate insulin gene expression in normal glucose condition but also maintain β-cell function and impact pancreatic β-cell target genes. Some experiments have suggested that MicroRNA (miRNA) can play a critical role during the induction of insulin-producing cells (IPCs). However, it is unclear whether miRNA may regulate Isl1 expression during differentiation of human umbilical cord mesenchymal stem cells (HUMSCs) into IPCs. In this investigation, we induced HUMSCs into IPCs with a modified two-step protocol, activin A, retinoic acid (step1) and conophylline, nicotinamide (step2). To find the miRNA regulating Isl1 expression, we respectively used TargetScan, miRDB and RNAhybrid to predict and got the result, miR-128 and miR-216a. The miRNAs can inhibit Isl1 expression by dual luciferase assay. The results of real-time Polymerase Chain Reaction (PCR) showed that Isl1 expression level was almost reciprocal to that of miR-128 and miR-216a during differentiation of HUMSCs into IPCs. Furthermore, over-expression of miR-128 or miR-216a down-regulated expression levels of Isl1 and MafA. Therefore, miR-128 or miR-216a may regulate expression of islet-specific transcription factors to control differentiation of HUMSCs into IPCs.