Objective To estimate the oncogenicity of hTERT gene transfected rat BMSCs and to identify its hepatic differentiation potential. Methods The oncogenicity of hTERT gene transfected rat BMSCs was estimated by tumorigenesis test in nude mouse. Then the hTERT gene transfected rat BMSCs were induced for hepatic differentiation by sequential method. The change of cell morphology was observed, the expression of ALB and AFP were detected, and the ability of glycogen storage was tested by PAS stain. Results Tumorigenesis test of nude mouse suggested no oncogenic risk of hTERT gene transfected rat BMSCs. After hepatic induction, the induced cells became round in shape. A few ALB （＋） cells were observed only at D21 after induction while more and more AFP （＋） cells were observed started from D14 after induction. The result of PAS stain was positive. Conclusion The hTERT gene transfected rat BMSCs have the potential of hepatic differentiation with no oncogenicity.