Scene text recognition is an important and challenging task in computer vision. However, most prior works focus on recognizing pre-defined words, while there are various out-of-vocabulary (OOV) words in real-world applications. In this paper, we propose a novel open-vocabulary text recognition framework, Pseudo-OCR, to recognize OOV words. The key challenge in this task is the lack of OOV training data. To solve this problem, we first propose a pseudo label generation module that leverages character detection and image inpainting to produce substantial pseudo OOV training data from real-world images. Unlike previous synthetic data, our pseudo OOV data contains real characters and backgrounds to simulate real-world applications. Secondly, to reduce noises in pseudo data, we present a semantic checking mechanism to filter semantically meaningful data. Thirdly, we introduce a quality-aware margin loss to boost the training with pseudo data. Our loss includes a margin-based part to enhance the classification ability, and a quality-aware part to penalize low-quality samples in both real and pseudo data. Extensive experiments demonstrate that our approach outperforms the state-of-the-art on eight datasets and achieves the first rank in the ICDAR2022 challenge.