A giant cell tumor with local aggressiveness and penetration of cartilage is quite rare. We present a case of fungating giant-cell tumor of lower end of the ulna with wrist involvement including penetration of cartilage and diaphysis. Involvement with all these characteristics, according to the literature reviewed, is the first case of its type. We are of the opinion that the fungation may be due to incision and drainage and delayed presentation at tertiary care centre.