This cross-sectional study of 1,068 Chinese adults aged 55–85 found that lower hemoglobin levels were significantly associated with lower bone mineral density and a higher odds ratio for osteoporosis. After adjusting for confounders, individuals in the highest hemoglobin quartile had a 38–40% lower odds of osteoporosis compared to those in the lowest quartile. The findings suggest that hemoglobin level is positively correlated with bone mass in the elderly Chinese population, and bone mineral density should be monitored closely in anemic patients.