Objective To evaluate the clinical application of Megestrol Acetate (MA) in improving chemotherapy-induced myelosuppression and quality of life in advanced colorectal cancer patients. Methods Ninetyeight cases of colorectal cancer were involved and randomly divided into two groups. All patients received standard chemotherapy (XELOX). A total of 49 patients in observation group received additional MA. Myelosuppression and quality of life were evaluated after 2 cycles of standard chemotherapy. Results MA exerted a significant improvement in chemotherapy-induced myelosuppression, KPS score, body weight, and quality of life (P < 0.05). Conclusion MA can effectively improve bone marrow suppression and quality of life in patients with advanced colorectal cancer after chemotherapy.