Purpose: The purpose of this study was to determine the effect of physical performance on bone mineral density (BMD) in elderly women. Methods: Twenty-one elderly women participated in this study. After testing functional ambulation category (FAC), they were classified into two groups: dependent walking group, those who could not walk independently (FAC 0~2, n=11) and independent walking group those who could walk independently (FAC 3~5, n=10). Outcome measures were: general characteristics, physical performance and BMD. General characteristics included age, body mass index (BMI) and waist-hip ratio. Physical performance included the chair rise test (CRT) and the modified fall efficacy scale (MFES). BMD was represented in the osteoporosis index (OI), T-score and Z-score. BMD was evaluated in calcaneal bone, using OsteoPro. The data was analyzed using SPSS 12.0 software and the Mann-Whitney U test and the Spearman correlation. Results: Age, BMI and waist hip ratio, which all affect BMD, showed no significant differences between groups (p>0.05). But the FAC 3~5 group showed a significantly higher score for CRT, MFES and T-score, compared with the FAC 0~2 group (p<0.05). The T-score was correlated with CRT and MFES scores (p<0.05). Conclusion: There is a positive relationship between physical performance and BMD. Therefore, improved physical performance can have a beneficial effect by reducing osteoporosis in elderly women, considering a positive relationship between physical performance and BMD.