Osteoblasts are bone forming cells that are responsible for bone growth and remodeling. They are derived from bone marrow mesenchymal stem cells through a series of processes including commitment, osteoprogenitor expansion, terminal differentiation and cell death. Osteoblastogenesis and bone formation are regulated by hormones, growth factors, cytokines, mechanical loading and aging. Osteoblasts can sense these external cues, transduce the signals through various signaling pathways and regulate the expression of specific genes, to determine the cell fate. In this review, we aim to update our current understanding of the signaling pathways that control different steps of osteoblast homeostasis, with special focus on how signaling events control cell fate through regulating gene expression.