Introduction <p>Graves’ Orbitopathy (GO) is an inflammatory autoimmune disorder associated with Graves’ Disease (GD). It is characterized by orbital tissues remodelling due to fibrosis and adipogenesis. Circulating fibrocytes derived from monocytes share common characteristics with orbital fibroblast. Fibrocytes also play an important role in orbital tissue remodelling in GO.</p> Aim and Objective <p>This study aims to observe (i) adipocyte differentiation of cultured fibrocytes and (ii) expressions of adipogenic markers and their association with clinical parameters in GO.</p> Methods <p>Peripheral Blood Mononuclear Cells (PBMCs) were isolated from patients with GO (<i>n</i> = 20), GD (<i>n</i> = 20), and HC (<i>n</i> = 10) and cultured to obtain fibrocytes. Adipocyte differentiation was observed by using Oil Red O staining. Adiponectin and PPAR-γ expressions were measured by sandwich ELISA. Adiponectin and PPAR-γ expressions were further correlated with maximum EOM thickness, CAS, and proptosis in GO.</p> Result <p>Cultured fibrocytes exhibited spontaneous differentiation into lipid accumulating cells. Expressions of adiponectin and PPAR-γ were significantly higher in GO compared to GD and HC(<i>p</i> &lt; 0.05). Adiponectin and PPAR-γ expressions were strongly positively correlated with maximum EOM thickness, CAS and proptosis in GO.</p> Conclusion <p>This finding suggests that fibrocytes contribute to the pathogenesis of GO through adipocytes differentiation. Elevated adiponectin and PPAR-γ expressions and their correlation with disease activity indicate their potential as biomarkers in disease progression. This study explores the therapeutic strategies targeting fibrocyte-mediated adipogenesis in GO.</p> Graphical Abstract <p></p>