A strong positive correlation of serum dehydroepiandrosterone sulfate (DHEA-S) and estrone (E1) with bone mineral density (BMD) in postmenopausal women but no correlation between serum estradiol (E2) and BMD in the same group suggest that circulating adrenal androgen may be converted to estrogen in peripheral tissues including osteoblast and may contribute to BMD maintenance. Actually, in cultured human osteoblast cells, DHEA can be converted to androstenedione and then androstenedione to estrone through the apparent aromatase activity. In human bone cells, intracrine mechanism through aromatase activity may contribute to the local production of estrogens, thus leading to protective effect against osteoporosis especially after menopause.