Large language models (LLMs) achieve remarkable performance on diverse downstream and domain-specific tasks via parameter-efficient fine-tuning (PEFT). However, existing PEFT methods, particularly MoE-LoRA architectures, suffer from limited parameter efficiency and coarse-grained adaptation due to the proliferation of LoRA experts and instance-level routing. To address these issues, we propose Core Space Mixture of LoRA (CoMoL), a novel MoE-LoRA framework that incorporates expert diversity, parameter efficiency, and fine-grained adaptation. Specifically, CoMoL introduces two key components: core space experts and core space routing. Core space experts store each expert in a compact core matrix, preserving diversity while controlling parameter growth. Core space routing dynamically selects and activates the appropriate core experts for each token, enabling fine-grained, input-adaptive routing. Activated core experts are then merged via a soft-merging strategy into a single core expert, which is combined with a shared LoRA to form a specialized LoRA module. Besides, the routing network is projected into the same low-rank space as the LoRA matrices, further reducing parameter overhead without compromising expressiveness. Extensive experiments demonstrate that CoMoL retains the adaptability of MoE-LoRA architectures while achieving parameter efficiency comparable to standard LoRA, consistently outperforming existing methods across multiple tasks. Our code is available at https://github.com/DCDmllm/CoMoL.