Osteoporosis is caused by an unbalance between bone formation and bone resorption. Bone homeostasis is regulated by intricate mechanisms. Recently, a novel class of regulatory factors termed microRNAs (miRNAs) has been found to play a crucial role in cell cycle control, apoptosis and other cellular processes including metabolism and differentiation. Published data have shown that some miRNAs regulate bone homeostasis, including bone formation, resorption, remodeling, repair and bone-related disease, by regulating the expression of certain cytokines and transcription factors. This review highlights the current knowledge of miRNAs and their involvement in the regulation of bone formation, bone resorption and the pathways regulating the progression of osteoporosis.