We aimed to determine the effects of oleic acid (OA) and palmitic acid (PA), alone or in combination, on proliferation, differentiation, triacylglycerol (TAG) content, and gene expression in porcine muscle satellite cells (PMSCs). Results revealed that OA-alone- and PA + OA-treated PMSCs showed significantly increased viability than those in the control or PA-alone-treated groups. No significant effects on apoptosis were observed in all three treatments, whereas necrosis was significantly lower in OA-alone- and PA + OA-treated groups than in the control and PA-alone-treated groups. Myotube formation significantly increased in OA-alone and PA + OA-treated PMSCs than in the control and PA-alone-treated PMSCs. mRNA expression of the myogenesis-related genes MyoD1 and MyoG and of the adipogenesis-related genes PPARα, C/EBPα, PLIN1, FABP4, and FAS was significantly upregulated in OA-alone- and PA + OA-treated cells compared to control and PA-alone-treated cells, consistent with immunoblotting results for MyoD1 and MyoG. Supplementation of unsaturated fatty acid (OA) with/without saturated fatty acid (PA) significantly stimulated TAG accumulation in treated cells compared to the control and PA-alone-treated PMSCs. These results indicate that OA (alone and with PA) promotes proliferation by inhibiting necrosis and promoting myotube formation and TAG accumulation, likely upregulating myogenesis- and adipogenesis-related gene expression by modulating the effects of PA in PMSCs.