Background: Thyroid hormones influence almost all the tissues and systems in our body. Their excess or deficiency can lead to diverse consequences including development, maturity and also modeling and re modeling of the bone. The present study was conducted with a focus on effect of thyroid hormones on bone metabolism. Objective: To evaluate levels of two important minerals Calcium and Phosphorus in patients suffering from hypo and hyper thyroidism and to find a correlation between these two minerals and thyroid hormones. Methods: 50 patients (25 each of clinically proven Hypo and Hyperthyroidism) and 50 normal asymptomatic age and sex matched healthy controls were enrolled for the present study after taking informed consent. These individuals (both patients and controls) were investigated for Thyroid hormones, calcium and phosphorous. The data was analyzed using student’s t test and p<0.05 was considered statistically significant. Results: Prevalence of thyroid dysfunction is more in female patients as compared to males. Levels of S. Calcium decreased significantly with increase in the levels of thyroid stimulating hormone in hypothyroid patients from 7.41 to 6.5mg/dl, whereas levels of phosphorous did not vary significantly. In hyperthyroid patients there was insignificant variation in the levels of S. calcium and phosphorous with increase in TSH from 0.01 to 0.38 µIU/ml. Conclusions: Hypothyroidism has effect on bone metabolism with significant change in levels of S. calcium and insignificant variation in levels of Phosphorous.