Hypoxia inducible factor (HIF) plays a key role in the cellular response to hypoxia, and is involved in a variety of pathological and physiological processes such as glucose metabolism, vascular remodeling and erythropoiesis. Growing research suggests that HIF has an important effect on osteogenesis, bone resorption and angiogenesis; while the deterioration of bone vascular structures and functions is closely related to the development and progression of postmenopausal osteoporosis. In this review, we summarized the relationship between HIF and postmenopausal osteoporosis based on the roles of HIF in osteogenesis, bone resorption and angiogenesis, hoping to evaluate its therapeutic prospect on postmenopausal osteoporosis.