Our recent in vitro study showed that extracorporeal shock wave (ESW) stimulated calcium deposition in human periosteal cells. In this study, we hypothesized that the use of ESW could induce new bone formation in osteoporotic bone. Using our established osteoporotic goat model, the calcaneus, distal radius and femoral condyle of the left limb were treated with ESW once per month; the contralateral side served as the control. Bone mineral density (BMD), microarchitecture and dynamic histomorphometric index were evaluated after 9 months. Trabecular BMD of the calcaneus increased significantly by 2.90%. This finding was substantiated by micro-computed tomography findings showing that trabecular bone volume fraction and trabecular thickness of the treated calcaneus were enhanced compared with the contralateral control. However, significant difference could not be detected in the other two weight-bearing skeletal sites. Mineral apposition rates of all ESW-treated regions were also consistently higher than those of the control. These findings suggest that ESW treatment could enhance local BMD by inducing new bone formation, yet the effect was more apparent in non-weight-bearing sites.