Objective To observe the effects of moderate intensity exercise training combined with Xianlinggubao capsule on bone mineral density (BMD), bone metabolism and femoral biomechanics of ovariectomized rats, so as to provide lab references for osteoporosis prevention. Methods Fifty female SD rats were randomly divided into 5 groups, 10 rats in each group. Group A was the normal control; Group B was given 1 mL normal saline by gavage after ovariectomy for one week; Group C was given moderate intensity exercise training (exercise speed was 20 m/min, lasting for 60 min per day, continuous 5 days per week); Group D was given 1 mL Xianlinggubao capsule ［0.4 g/(kg · d)］ after 1-week ovariectomy; Group E was was given both 1 mL Xianlinggubao capsule and moderate intensity exercise training after 1-week ovariectomy. After 8 weeks of continuous treatment, blood biochemical indexes, BMD, micro CT and biomechanics of the femur and L5 vertebral body were detected. Results Compared with group B, the blood biochemical indexes of Group C-E were improved in varying degrees, the BMD of L5 vertebral body and femur were increased, the bone volume fraction, trabecular number and trabecular thickness of femur (or L5 vertebral body) were increased, the trabecular space and structural model index were decreased, the maximum load, maximum deflection and maximum stress of L5 vertebral body were increased, and the maximum stress of femur was increased. The maximum load, elastic load, elastic deflection, elastic modulus, elastic stress, maximum stress and elastic deflection increased, and the effect of Group E was the most obvious. Conclusions Moderate intensity exercise training combined with Xianlinggubao capsule can improve BMD, bone metabolism and bone microstructure, and improve bone mechanical properties of ovariectomized rats.