The progression of osteoarthritis (OA) is considered to be closely associated with abnormally activated transforming growth factor-beta (TGF-β) signaling. However, the underlying specific regulatory mechanisms remain unclear, and targeted therapeutic strategies are underdeveloped. Gene Expression Omnibus (datasets (GSE169077/GSE178557) were integrated to identify core OA-related genes. The role of multiple epidermal growth factor-like domains 8 (MEGF8) in OA was validated using siRNA/lentiviral knockdown experiments. Co-immunoprecipitation was performed to screen for proteins that interacted with MEGF8. Molecular docking and dynamics simulations were run to identify FDA-approved small-molecule drugs that bind to the MEGF8 complex; their efficacy was verified through in vivo and in vitro experiments. MEGF8 was found to be highly and specifically expressed in the cartilage, mediating matrix metalloproteinase (MMP)-13 upregulation and collagen II degradation in OA. MEGF8 formed a protein complex with growth differentiation factor 8 (GDF8) and activin receptor type 2B (ACVR2B), and promoted GDF8 phosphorylation at the serine residues; this activated Smad2/3 nuclear translocation and induced MMP-2/9/13 expression. Virtual screening identified small molecular compounds, including Conivaptan, Noxafil, and Lomitapide, that targeted the complex interface and formed stable conformations with the protein complex, significantly inhibiting the pathological progression of OA. The MEGF8-GDF8-ACVR2B complex is a key switch for TGF-β hyperactivation in OA, and a drug repurposing strategy targeting this interface offers a new direction for the disease-modifying treatment of OA.