Osteoporosis is a degenerating disease which may cause a bone to break eventually. A way of monitoring the situation is to employ X-ray Absorptiometry (XA) to assess if a difference has happened in bone’s mineral density. XA tests have been widely used as a bone density test for the hip and spine, which can be a predictor of the likelihood of future breaks in other bones. Bone density in other bones such as the lower arm, wrist, finger, or heel can be measured through peripheral tests, also called screening tests, such as quantitative ultrasound (QUS). The results of screening tests for osteoporosis diagnosis are much less accurate and cannot be compared with the results of an XA test. One of the reasons for the limitations of QUS techniques in diagnosing bone loss is the lack of understanding of the mechanism of ultrasound wave propagation through a porous, complex bone structure. Despite these issues, some features of the QUS technique make it yet very appealing for bone loss detection. For instance, QUS packages are smaller and portable in comparison to bulky MRI or X-ray techniques. Also, they are relatively cheap, do not utilize harmful radiations, and are recognized as a non-invasive technique. This research aims to pave the way to understanding the biomechanical behavior of bonelike porous materials, i.e. cancellous bones, subject to different types of acoustical waves; and characterizing the cancellous bone’s biomechanical parameters for bone loss diagnosis using inverse problem.