This study investigated the effect of bone metabolism and mechanism of feeding Auricularia polytricha fruiting body powder (AP) or extract (APE) on ovariectomized (OVX) rats. Female Sprague Dawley rats were divided into 3 groups, sham operated group fed on chow diet (V0), OVX fed on AP (A1) group or OVX fed on APE (A2) group. AP treatment effectively improved blood lipid values, but not significantly affected the bone metabolism. The blood biochemistry values and bone density of APE treatment can be improved to near sham operated group. APE treatment significantly increased osteoprotegerin concentration and calcium concentration of plasma on ovariectomized rats.