Human osteosarcoma is difficult to treat successfully. Current research is mainly theoretical and about the treatment of the disease with miRNA is uncommon. This paper explores roles and mechanisms of miR-421 regulation of MCPIP1 in HOS cells. miR-421, delivered in magnetic nanoliposomes, modulated proliferation, migration, and proinflammatory responses of MG-63 cells in culture, as demonstrated using qRT-PCR. Effects of control, inhibition, and promotion plasmids containing miR-421 on MCPIP1 protein regulation were recorded after PA induction by observing the distribution of chromosomes in transfected cells. Further, miR-421 mimics induced MCPIP1 and TC production and lipid accumulation in HOS cells. Overexpression of miR-421 caused MG-63 cells to accumulate fibrosis marker proteins, including α-SMA, type I collagen, and type III collagen, and further reduced expression of MCPIP1 protein.