Although radiography continues to play a critical role in osseous tumor assessment, there have been remarkable advances in cross‐sectional imaging. MRI has taken a lead in this assessment due to high tissue contrast and spatial resolution, which are well suited for bone lesion assessment. More recently, although somewhat lagging other organ systems, quantitative parameters have shown promising potential as biomarkers for osseous tumors. Among these sequences are chemical shift imaging (CSI), apparent diffusion coefficient (ADC), and intravoxel incoherent motion (IVIM) from diffusion‐weighted imaging (DWI), quantitative dynamic contrast enhanced (DCE)‐MRI, and magnetic resonance spectroscopy (MRS). In this article, we review the background and recent roles of these quantitative MRI biomarkers for osseous tumors.Level of Evidence: 3Technical Efficacy Stage: 3J. MAGN. RESON. IMAGING 2019. J. Magn. Reson. Imaging 2019;50:702–718.