ABSTRACTColorectal cancer (CRC) is a prevalent malignancy of the digestive system. Here, we explored the role of M2 macrophage‐derived extracellular vesicles (EVs) carrying long non‐coding RNA‐nuclear paraspeckle assembly transcript 1 (lncRNA‐NEAT1) in promoting CRC progression via regulation of the miR‐204‐5p/regulator of ribosome synthesis 1 (RRS1) axis and cell cycle dynamics. Firstly, we differentiated WTHP‐1 cells into M0 and M2 macrophages and transfected M2 macrophages with sh‐NEAT1 lentivirus plasmids. EVs were isolated from M2 macrophages and administered to SW480 cells along with miR‐204‐5p inhibitors or si‐RRS1 for 24 h. M2‐EVs‐derived lncRNA‐NEAT1 enhanced CRC cell proliferation, migration, invasion, and viability while reducing apoptosis. This was accompanied by increased expression of RRS1, WEE1 G2 checkpoint kinase (WEE1), cyclin‐dependent kinase 1 (CDK1), and CyclinB1, reduced miR‐204‐5p levels, and a lower proportion of cells in the G2/M phase. Knockdown of lncRNA‐NEAT1 in M2 macrophages reversed these effects. Mechanistically, M2‐EVs‐derived lncRNA‐NEAT1 functioned as a competing endogenous RNA (ceRNA), sponging miR‐204‐5p to upregulate RRS1 expression. In summary, M2 macrophage‐derived EVs carrying lncRNA‐NEAT1 promote CRC development by modulating the miR‐204‐5p/RRS1 axis, influencing the cell cycle and apoptosis. These findings provide insights into the tumor‐promoting mechanisms of macrophage‐derived EVs in CRC.