OBJECTIVE To review the effect of calcitonin on cartilage and subchondral bone of osteoarthritis. METHODS Recent literatures about the effect of calcitonin on osteoarthritis was reviewed. RESULTS Calcitonin could promote the synthesis of important cartilage matrix such as proteoglycans and collagen II, propelling the regeneration of cartilage and subchondral bone. CONCLUSIONS Calcitonin can protect articular cartilage through promoting the synthesis of cartilage and inhibiting its degradation.