The only safe method to determine whether or not patients diagnosed of smoldering myeloma will progress to symptomatic multiple myeloma (MM) is periodic follow-up. In the last years, several studies have emphasized the efficacy of magnetic resonance imaging (MRI) to detect bone marrow involvement in these patients. However, the detection of a focal spinal lesion in elderly patients raises a diagnostic problem, sometimes difficult to solve, between a benign or malignant origin. We present the case of an elderly women with marked osteoporosis and smoldering myeloma who suddenly complained of pain in dorsal spine. MRI showed focal lesions in two dorsal vertebra consistent with myeloma involvement. However, there were no other signs of progression, the lesions were considered secondary to osteoporosis and calcitonin was administered. This resulted in the disappearance of the pain and the MRI abnormalities, which confirmed its benign etiology. The role and limitations of MRI to detect bone marrow involvement by MM in the evaluation of these patients is reviewed.