Bone is a complex tissue which contains osteoclasts, osteoblasts, chondrocytes, adipocytes, hematopoietic cells and immune cells. Since osteoblasts share the same origin with adipocytes in bone marrow cavity, it is assumed that PPAR (peroxisome proliferator-activated receptor) family, which is an important nuclear receptor family for adipocyte differentiation, plays a role in the bone microenvironment. Indeed, recent evidences support the primitive roles of PPAR family in osteoblast differentiation as well as adipocyte differentiation. Furthermore, PPAR family is also implicated in the regulation of differentiation and function of osteoclasts. Here, we summarized the functional roles of PPAR family in bone remodeling and regulation of bone microenvironments. We also discuss the potential mechanisms that regulate expression and function of PPAR family during bone metabolisms.