To determine the relationship between serum estradiol level (ESL) and testosterone serum level (TSL) with bone mineral density (BMD) in elderly men.Cross-sectional study including 127 healthy men aged 60 years and over. BMD of the lumbar spine and femoral neck were measured. ESL, TSL and sex hormone binding globulin were estimated by radioimmunoassay. Free testosterone level (FTL) was calculated.The ESL and BMD correlation at the spine was r = 0.288, (p < 0.01) and at the femoral neck was r = 0.224, (p < 0.01). These correlations remained significant after adjustment for BMI and age. By contrast, no correlation was found between TSL and BMD. However FTL were associated with BMD at the spine (r = 0.288, p < 0.01) and at the femoral neck (r = 0.190, p < 0.05).ESL and FTL are associated with BMD in elderly men. This effect may be partially mediated by the peripheral conversion of testosterone into estradiol.