The aim of the study was to assess the impact of sex hormone-binding globulin (SHBG) on bone mineral density (BMD) and bone turnover among Chinese middle-aged and elderly men. This cross-sectional study was carried out among 404 Chinese men aged over 45 years. BMD was measured with dual-energy X-ray absorptiometry, and participants' blood was collected for bone-specific alkaline phosphates (BSAP), SHBG and testosterone assay. Osteoporotic men had lower free testosterone (FT) and higher levels of SHBG, and BSAP than the osteopenia and normal groups. When SHBG levels were divided into quartiles, FT levels decreased and prevalence of osteoporosis increased with higher SHBG levels. Compared with subjects in the lowest quartile of SHBG levels (<36.55 nmol/l), subjects in the third quartile [OR (95 % CI) 2.998 (1.460-6.157), p = 0.002] and the highest quartile [OR (95 % CI) 4.439 (2.192-8.991), p < 0.001] were more likely to suffer with osteoporosis. FT was significantly positive related to total hip BMD and total lumbar BMD, whereas there was no association between TT and BMD after adjusting for age, BMI and FT. SHBG levels were also inversely related to BMD. SHBG could explain 1.4-2.1 % of the BMD variance after adjustment for age, BMI and FT. No association was found between BSAP and SHBG, TT and FT. Logistic regression analysis showed that BMI, smoking and FT or SHBG was independently associated with the presence of osteoporosis. Serum FT levels were positively correlated with BMD, while SHBG levels were inversely related to BMD. Increasing SHBG level was an independent risk factor for osteoporosis among Chinese men.