B6D/M‐recapitulated endochondral ossification process. Dex promoted EO mainly including three well‐acknowledged phases: inflammation, cartilage formation, and ossification. Specifically, 1) the initial inflammation phase. With a burst release of adequate dosage of Dex, a transition of the ratio of M2/M1 macrophages from <1 to 1 occurred on B6D/M at 4 days, right before the initiation of cartilage formation. 2) Cartilage formation (4–7 days). B6D/M facilitated ECM‐cell reaction, and activated the Hif‐3α signaling pathway and downstream SOX9 in MSCs, leading to rapid cartilage formation. 3) In the late stage, owing to great implant integration as a result of early‐stage proper immune microenvironment, B6D/M boosted BMP‐based endochondral ossification phase, including hypertrophy of chondrocytes, angiogenesis, and osteogenesis.