The purpose of this study was to verify, in elderly women, the effects of Yoga on bone biochemical markers (BBM) of formation (osteocalcin) and absorption (carboxy-terminal collagen crosslinks, CTX), and estradiol hormone. Forty eight post-menopausal women (63,9 ± 5,6 years old) were divided into two groups: Yoga Group (YG, n = 24) and Control Group (CG, n = 24). The YG performed yoga three times per week (one hour each session) for six months, while the CG was instructed to do not alter their habitual daily routine. Bone mineral density (BMD), BBM and estradiol hormone were analyzed before and after Yoga program by standard procedures. A mixed factorial ANOVA was performed to verify intra and inter group differences. A significant decrease in spinal lumbar and total hip BMD for the CG was observed while only spinal lumbar BMD decreased in the YG. Osteocalcin values increased in YG and decreased in CG, while CTX values decreased in both groups. No significant differences were observed for the estradiol hormone. It was concluded that the yoga intervention failed to induce significant improvements in post-menopausal women BMD, however, it was capable of enhancing biochemical marker of bone formation as measured by serum osteocalcin, thus suggesting an increased bone turnover.