Objective To investigate the clinical effects of combined acupuncture and moxibustion therapy on knee osteoarthritis and its effects on serum inflammatory factors and hemorheology. Methods In our hospital（in October 2014-October 2016） treated 82 cases of knee osteoarthritis patients， according to admission order were randomly divided into treatment group（acupuncture combined early rehabilitation exercise treatment application temperature， 41 cases） and control group（early rehabilitation exercise treatment method， 41 patients）. The total effective rate of treatment， the change of serum inflammatory factors and the effects on hemorheology were analyzed. Results The total effective rate of the treatment group was 97. 56%（40/41）， and the total effective rate was 73. 17%（30/41） in the control group， and the total effective rate was significantly higher in the treatment group than in the control group（P<0.05）， the hemorheological indexes in the treatment group were significantly lower than that in the control group（P<0.05）. Conclusion Effect of warm acupuncture combined with early rehabilitation exercise on knee osteoarthritis is significant.