The monocyte to high‐density lipoprotein-cholesterol (HDL-C) ratio (monocyte‐to‐HDL-C ratio) was proposed as a marker of atherosclerosis. Osteoporosis and atherosclerosis share common risk factors and pathophysiological mechanisms. This study aimed to assess the relationship between monocyte‐to‐HDL-C ratio and osteoporosis. Participants aged ≥50 years with complete bone mineral density (BMD), monocyte, and HDL‐C examination data from the National Health and Nutrition Examination Survey (NHANES) 2013-2014 were included. Descriptive analysis was performed separately according to males and females. Weight linear regression and weight logistic regression analyses were used to analyze the association between monocyte‐to‐HDL-C ratio and BMD and osteopenia and osteoporosis and vertebral fracture. A total of 1,804 participants were included. Among the participants with osteopenia, 398 (48.31%) were male and 466 (51.91%) were female. Among those with osteoporosis, 38 (2.77%) were male and 95 (9.50%) were female. In females, monocyte‐to‐HDL-C ratio was negatively associated with femoral neck BMD [regression coefficient (β)=-0.18; 95% confidence interval (CI): (-0.29, -0.07)] and high monocyte‐to‐HDL-C ratio was associated with higher odds of osteopenia [odds ratio (OR)=1.22; 95%CI: (1.01, 1.47)] and osteoporosis (OR=1.68; 95%CI: (1.13, 2.49)) after adjusting for confounders. In males, only monocyte‐to‐HDL-C ratio >0.35 was observed to be associated with higher odds of osteoporosis (OR=1.96; 95%CI: (1.02, 3.79)). Stratified analyses showed that similar results were also found in different populations. This study showed that monocyte‐to‐HDL-C ratio was negatively associated with BMD and the risk of osteopenia and osteoporosis in females. The monocyte‐to‐HDL-C ratio may be a new marker of osteoporosis or osteopenia.