Age‐related bone loss is a common worldwide phenomenon in the aging population, placing them at an increased risk of fractures. Fortunately, basic and translational studies have been pivotal in providing us with a mechanistic understanding of the cellular and molecular pathophysiology of this condition. This review focuses on the current concepts and paradigms of age‐related bone loss and how various animal and cellular models have broadened our understanding in this fascinating but complex area. Changes in hormonal, neuronal, and biochemical cues with age and their effect on bone have been discussed. This review also outlines recent studies on the relationship between bone and fat in the marrow, as well as the fate of the marrow mesenchymal stromal cell population, which can give rise to either bone‐forming osteoblasts or fat‐forming adipocytic cells as a function of age.