Diagnostics in osteoporosis and fracture risk prediction should never rely on bone mineral density (BMD) measurements alone. Data from the National Osteoporosis Risk Assessment (NORA) in the USA revealed some 15 years ago that only 6.4% of postmenopausal women with new fragility fractures had T-scores of −2.5 or less (WHO definition of osteoporosis) in BMD tests performed one year before the event. The majority of fractures occurs in patients with osteopenia or normal BMD. Many of them are middle-aged women, 40 to 65 years old, an age group not much attended to in most studies on osteoporosis. A study on 100.000 women treated in a specialized Viennese menopause and osteoporosis clinic showed that 66.8% of patients with non-vertebral fractures were less than 65 years of age. Such results point to the urgent need of moving away from the preoccupation with BMD alone to a multi-causal risk-of-fracture approach for improving identification of women at risk. Fracture risk assessment tools as FRAX® may be of great help to ease the handling of anamnestic information, weight clinical risk factors and spot secondary causes of osteoporosis. Beside the medical history and physical examination of patients more attention should be paid to x-ray imaging of the spine for detection of vertebral fractures, which otherwise are overlooked to a great extent, to measuring muscle mass and -strength for diagnosing sarcopenia, and to laboratory tests for evaluating the impact of a wide array of diseases and functional disorders on the bone and mineral metabolism. Both, primary fracture prevention by identification of women at risk as early as age 40, and secondary prevention in patients with preexisting fractures, preferably by fracture liaison services, will be of crucial importance to avoid detrimental sequelae for the affected patients and associated costs to the health-care system.