Tendon healing is impaired by excessive reactive oxygen species, inflammatory cell infiltration, and insufficient osteogenic differentiation during treatment. Therefore, simultaneously modulating the local inflammatory microenvironment and enhancing osteogenic regeneration are critical for effective tendon repair. Here, we designed a biomimetic nanoparticle system, macrophage-membrane-coated Prussian blue@kartogenin (KGN@PB@CM), loaded into a Pluronic@F127/hyaluronic acid (HA-F127) thermosensitive hydrogel. The HA-F127 hydrogel provides excellent hydrophilicity and enables sustained release of M-PB@KGN nanoparticles. Leveraging homologous targeting via the cell membrane, the KGN@PB@CM nanoparticles are efficiently delivered to macrophages, promoting their polarization toward a prohealing phenotype. Concurrently, KGN enhances the migration and differentiation of stem cells. Overall, we propose a “dual-modulation” strategy (anti-inflammatory and pro-osteogenic differentiation) to synergistically accelerate tendon healing.