Marrow adipose tissue (MAT) is a recently identified endocrine organ capable of modulating a host of responses. Given its intimate proximity to the bone microenvironment, the impact marrow adipocytes exert on bone has attracted much interest and scientific inquiry. Although many questions and controversies remain about marrow adipocytes, multiple conditions/disease states in which alterations occur have provided clues about their function. The consensus is that MAT is associated inversely with bone density and quality. While further investigation is warranted, MAT has clearly been demonstrated as an active dynamic depot that contributes to bone turnover and overall metabolic homeostasis.