Osteoporosis is the most prevalent metabolic bone disease and is characterized by diminished bone strength predisposing to an increased risk of fracture. Thus, this study was performed (1) to examine the effect of aquatic exercise on osteoporosis caused by an ovariectomy in the rats, and (2) to elucidate involvement of histopathologic findings in mediating these actions. The results of this study were as follows: 1. Body weight of the subjects increased after the experiment. There was a statistically significant difference (p<.05) between Group I (sham operated) and Group II (control group). 2. In respect to the length, circumference and weight of the femur, there was no statistically significant difference between the control group and the other groups (p>.05). 3. With the osteocalcin level used as one of the bone formation indexes the bone mineral density increased in every group in comparison with the control group, and in particular, there was a statistically significant difference between Group III and Group IV. The above results suggest that aquatic exercise treatment is effective in the prevention and treatment of osteoporosis.