Whether physical activity is linked with improvements in well-being in individuals living with osteoporosis remains a source of debate within the literature. The purpose of this review is to synthesize relevant literature to more fully address the relationship between physical activity and well-being in individuals living with osteoporosis. Guided by study inclusion criteria, a total of 17 quantitative studies were coded for review. Considerable heterogeneity was found between studies when examining the well-being instrumentation and physical activity characteristics used by study authors. A central finding was that physical activity is associated with increased well-being across the bulk of existing studies retained for analysis, with benefits noted particularly for markers linked to physical functioning. This review further highlights how decisions made by researchers have implications for study conclusions and can render any synthesis of this literature a challenge. As such, recommendations for future studies are advanced that span issues linked to the measurement and conceptualization of well-being and physical activity and the analytic decisions made by researchers. Finally, heightened attention to the mechanisms through which physical activity may be linked with well-being outcomes is needed. Given the importance of well-being outcomes, researchers are encouraged to adopt these recommendations in an effort to advance the literature.