This retrospective study evaluated the efficacy of bone regeneration following decortication and sequestrectomy combined with the application of recombinant human bone morphogenetic protein-2/absorbable collagen sponge (rhBMP-2/ACS) in 45 patients with medication-related osteonecrosis of the jaw (MRONJ). Each patient received 0.25 g of rhBMP-2/ACS at the surgical site. Facial computed tomography scans were obtained immediately postoperatively and at a six-month follow-up to assess volumetric changes in the alveolar bone. The results indicated that rhBMP-2 significantly enhanced bone regeneration. Notably, the number of residual bone walls was the only significant factor influencing the regenerative outcome (B = 19.47, standard error = 3.05, t = 6.39, p < 0.001). Four-wall defects exhibited the highest regeneration rate (85.2%), and the mandibular posterior region was the most frequently involved site (60.5%). Complications such as surgical site disruption did not significantly impact the regenerative outcomes. These findings suggest that the concomitant use of rhBMP-2 with decortication and sequestrectomy promotes bone healing, reduces recovery time, and improves treatment predictability for patients with MRONJ.