Peripheral artery disease is growing in global prevalence. Its most severe form, critical limb ischemia (CLI), is associated with high rates of limb loss, morbidity, and mortality. Neovascularization is the cornerstone of limb preservation in CLI. In the field of regenerative medicine, basic research and preclinical studies have been conducted using mesenchymal stem cells (MSCs) from adult tissues, including bone marrow and adipose tissue, to overcome clinical shortcomings. Adipose-derived stem cells (ASCs) display stable growth and proliferation kinetics and can differentiate into osteogenic, chondrogenic, adipogenic, myogenic or neurogenic lineages. ASCs are readily available from autologous adipose tissue, and have significant potential for tissue repair under conditions of myocardial infarction, heart failure, hind limb ischemia, and inflammation. This review highlights some of the key reports underlining the potential of ASCs, particularly in diseases involving neovascularization.