The good lubrication ability of articular cartilage holds significant importance in our daily lives. Osteoarthritis (OA), the most prevalent degenerative joint disease, causes cartilage damage, increased friction, and inflammation. However, the current clinical treatments for OA exhibit some defects. Recently, the sustained drug release systems with lubricating function have attracted considerable attention for treating OA. This review introduces the lubrication mechanism of cartilage, focusing particularly on the boundary lubrication mechanism. The research progress of boundary-lubricated biomaterials with drug delivery, including microcarriers, hydrogels, and nanoparticles in the treatment of OA by improving inter-articular lubrication and relieving inflammation is discussed and summarized. The efficacy and challenges of boundary-lubricated biomaterials with drug delivery in the treatment of OA are summarized, and the prospects are also discussed.