The aim of this study is to investigate the relationship of physical activity and anthropometric and physiological characteristics to bone mineral density (BMD) in postmenopausal women. Ninety-seven postmenopausal women with an average age of 50.71 ± 6.86 yr were selected to participate in this study. After completing consent forms and the questionnaire on physical activity, the amounts of calcium and 25-hydroxyvitamin D levels in participants' blood were measured by blood tests. The BMDs of the subjects in the lumbar spine (L2–L4) and hip were measured by dual-energy X-ray absorptiometry device and the results were recorded. Also, anthropometric characteristics including height, weight, body fat percentage, body mass index, waist-to-hip ratio (WHR), digit ratio (2D:4D), skeletal muscle mass index, hand and calf circumferences and physiological parameters, including handgrip strength, quadriceps isotonic extension strength and balance of the subjects, were measured. The results showed that the 2D:4D ratio and skeletal muscle mass index had a significantly positive relationship with BMD of the lumbar spine (p ≤ 0.05) and the hip (p ≤ 0.05). Also, there was a negative relationship between the BMD of lumbar spine and hip and WHR (p ≤ 0.05). Moreover, there was a positive relationship between the calf circumferences and lumbar spine BMD (p ≤ 0.05). Contrary to this, there was no significant relationship between the calf circumference and the hip BMD, and between hand circumference with lumbar spine and hip BMD (p > 0.05). Results of physiological indices showed a significant positive relationship between physical activity, handgrip strength, quadriceps isotonic extension strength, standing on 1 foot with the lumbar spine and hip BMD (p ≤ 0.05). But the relationship was not observed between BMD and the ability to squat down on the floor (p > 0.05).Based on these results, it seemed that we can use some physiological and anthropometric indices that are important determinants of BMD and risk of osteoporosis in postmenopausal women.