Objective To analyze the efficacy of camrelizumab combined with fruquintinib for the treatment of advanced microsatellite stable (MSS) colorectal cancer. Methods A total of 86 patients with advanced MSS colorectal cancer were randomly divided into observation group (n=43, treated with camrelizumab combined with fruquintinib) or control group (n=43, treated with fruquintinib). The clinical efficacy, pre⁃ and post⁃treatment tumor marker (serum carbohydrate antigen [CA] 125, CA199, carcinoembryonic antigen[CEA]), and serological parameters with respect to transforming growth factor β (TGF⁃β), vascular endothelial growth factor (VEGF), as well as adverse reactions, and progression free survival (PFS) were compared between the two groups. Results The disease control rate and objective response rate in the observation group were higher than those in the control group (P<0.05). After 2 cycles of treatment, levels of serum CA125, CA199, CEA, TGF⁃β, and VEGF in both groups were lower than those before treatment, and the above indicators in the observation group were lower than those in the control group (P<0.05). There was no statistically significant difference in the overall incidence rates of adverse reactions between the two groups (P>0.05). After 1 year of follow⁃up, the median PFS in the observation group was longer than that in the control group (P<0.05). Conclusion Camrelizumab combined with fruquintinib has a definite efficacy for the treatment of advanced MSS colorectal cancer, reducing levels of serum TGF⁃β, VEGF, and tumor markers in patients, prolonging PFS of patients, with a favorable safety.