Assessment of water and collagen content in bone is missing from DEXA evaluation, in standard osteoporosis diagnosis. Bone signals in ultrashort echo time MRI (UTE-MRI) and inversion recovery UTE-MRI against a known external reference signal were used to measure total, bound, and pore water proton densities. Macromolecular proton density was estimated by multiplying total water proton density with macromolecular fraction derived from UTE magnetization transfer (UTE-MT) modeling. The UTE-evaluated MRI measures demonstrated significantly reduced collagen and increased water content in the tibia of patients with osteoporosis and osteopenia compared with healthy subjects. Hip T-scores showed significant correlation with UTE-MRI measures.