This study focuses on developing a hybrid exosome system by fusing mesenchymal stem cell (MSC) exosomes with folate-targeted liposomes to improve the drug loading capacity and target modification of exosome nanocarriers for delivering paclitaxel (PTX). The effectiveness of the hybrid exosomes (ELP) was assessed through cellular uptake studies and in vivo experiments using a CT26 tumor-bearing mouse model. Cellular uptake studies demonstrated that ELP exhibited superior drug delivery capabilities to tumor cells in vitro. In vivo experiments revealed that ELP significantly suppressed tumor growth in the CT26 tumor-bearing mouse model. Notably, ELP treatment activated CD4+ and CD8+ T cells, reduced the expression of M2 type tumor-associated macrophages (TAMs), polarized TAMs towards the M1 type, and decreased regulatory T cells (Tregs). The research highlights the considerable therapeutic efficacy of ELP and its promising potential for future application in cancer therapy. The development of hybrid exosomes presents an innovative approach to enhance drug delivery and modulate the tumor microenvironment, offering exciting prospects for effective cancer treatment strategies.This study focuses on developing a hybrid exosome system by fusing mesenchymal stem cell (MSC) exosomes with folate-targeted liposomes to improve the drug loading capacity and target modification of exosome nanocarriers for delivering paclitaxel (PTX). The effectiveness of the hybrid exosomes (ELP) was assessed through cellular uptake studies and in vivo experiments using a CT26 tumor-bearing mouse model. Cellular uptake studies demonstrated that ELP exhibited superior drug delivery capabilities to tumor cells in vitro. In vivo experiments revealed that ELP significantly suppressed tumor growth in the CT26 tumor-bearing mouse model. Notably, ELP treatment activated CD4+ and CD8+ T cells, reduced the expression of M2 type tumor-associated macrophages (TAMs), polarized TAMs towards the M1 type, and decreased regulatory T cells (Tregs). The research highlights the considerable therapeutic efficacy of ELP and its promising potential for future application in cancer therapy. The development of hybrid exosomes presents an innovative approach to enhance drug delivery and modulate the tumor microenvironment, offering exciting prospects for effective cancer treatment strategies.