Postmenopausal osteoporosis may lead an increased incidence of fractures in spine and hip joint. Several medications are currently available for prevention and treatment of osteoporosis. The purpose of the present study was to assess and compare the effects of raloxifene  60 mg/day and intranasal salmon calcitonin 200 IU/day on bone mineral density (BMD) and serum lipid profile. The salmon calcitonin study group and the raloxifene study group consisted of 29 and 30 patients, respectively. Serum levels of triglycerides and cholesterol were evaluated and BMD of lumbar vertebrae and femoral neck were measured by dual energy X-ray absorpsiometry  (DEXA) at the baseline and at the end of 12 months of treatment. Although we found a decrease in value of triglycerides (t=0.591, p=0.560) and cholesterol (t=1.208, p=0.237) in the calcitonin group after the treatment with respect to pre-treatment values, the difference was not statistically significant. We determined statistically significant difference in values of triglycerides (t=3.123, p=0.004) and cholesterol (t=2.582, p=0.015) in raloxifene group after the treatment. We found statistically significant differences between pre and post treatment values of BMD of L2-L4 region in both of the groups (calcitonin group; t=-3.498, p=0.002, raloxifene group; t=-7.163, p=0.000). In BMD of femur neck, while the difference between pre and post treatment values were not significant in salmon calcitonin group (t=-0.673, p=0.507), we determined statistically significant difference in raloxifene group (t=-4.264, p=0.000).