Objective : Ssangwha-tang is a traditional medicine formula widely prescribed for a decrease of fatigue after an illness in Korea. The aim of this study is to investigate the effect of Ssangwha-tang fermented by Lactobacillus fermentum (SF) on osteoclast differentiation in vitro and on bone metabolism of an ovariectomized rat in vivo. Methods : Tartrate-resistant acid phosphatase activity and staining were applied to evaluate the formation of osteoclasts. Ovariectomized rats were orally administrated with SF (30 ml/kg/day) for 12 weeks. Serum aspartate aminotransferase, alanine aminotransferase, alkaline phosphatase, total cholesterol, high-density lipoprotein-cholesterol, low-density lipoprotein-cholesterol, triglyceride, phosphate, calcium levels were determined. Effect of SF on bone loss were studied by histological analysis and the measurement of bone mineral density. Results : SF significantly inhibited tartrate-resistant acid phosphatase activity and formation of osteoclasts in RAW264.7 cells stimulated by receptor activator for nuclear factor ${kappa}B$ (NF-${kappa}B$) ligand (RANKL). In addition, SF significantly decreased the level of triglyceride and increased the level of low-density lipoprotein. Moreover, the decrease of trabeculae of the femur was partially prevented in ovariectomized rats administrated with SF. Conclusions : SF treatment could prevent ovariectomy induced bone loss and its effects could be medicated by the inhibition of osteoclastogenesis.