A novel ultrasonic bone densitometer, prototype LD-100, has been developed to overcome problems inherent in an ultrasonic method and to obtain bone mass density in the unit of mg/cm3 and bone elasticity in the unit of GPa with a spatial resolution comparable to that of the peripheral quantitative computed tomography (pQCT) system. Bone mass density and bone elasticity are evaluated using ultrasonic parameters based on fast and slow waves in cancellous bone using a modeling of ultrasonic wave propagation path. A good reproducibility of measured values and two-dimensional (2D) imaging of bone density and bone quality are realized by two scannings with an automatic measurement algorithm.