Adiponectin is the most abundant adipocyte-secreted adipokine. It regulates energy homeostasis and increases insulin sensitivity. Adiponectin is a multifunctional protein with anti-diabetic, anti-inflammatory, and anti-atherosclerotic properties. The effect of adiponectin on bone metabolism has been widely reported. However, its precise mechanism of action remains controversial and unclear. A few studies have demonstrated that adiponectin can significantly stimulate osteoblastic differentiation, promote osteogenesis, and inhibit bone resorption. Conversely, other studies have shown opposite effects. In addition, several clinical studies have reported that plasma adiponectin level is an independent predictor factor of bone mineral density. This paper reviews recent publications on adiponectin and bone metabolism.