This study has aimed to evaluate how osteoporosis affects the quality of life in postmenopausal women and to assess the influence of physical exercise on markers for quality of life in osteoporosis patients. The EQ-5D questionnaire was applied for evaluation of the markers: Mobility, Self-care, Usual Activities, Pain/Discomfort and Anxiety/Depression. In collaboration with the University of Bologna, a 6-month exercise trial of women aged 60-75 with osteoporotic vertebral fractures was analyzed. These osteoporosis patients were divided into two groups; an exercise group and a control group. Markers linked to quality of life were compared for the women with osteoporosis with those of an average female Italian population of similar age. Markers for quality of life, specifically: Mobility, Usual Activities, Pain/Discomfort and Anxiety/Depression were significantly lower in the Italian osteoporosis patients than in the average population. Exercise slightly improved Mobility and Usual Activities for the osteoporosis patients, but the results did not reach statistical significance.