There is increasing interest in the study of water content, compartmentalization, exchange and its interaction with collagen in cortical bone for the evaluation of bone fracture risk. Here, we present the NMR characterization of 1H nuclei signals of the cortical bone. Different components (collagen, lipid, water) and different water compartments are identified measuring NMR properties and self-diffusion coefficients. The exchange between collagen and water protons is observed and an average residence time in the collagen is estimated. The results can contribute to optimize MRI protocols specifically for bone imaging and to characterize the role of water in this tissue.