The goal of this study was to evaluate the potential of beta-tricalcium phosphate (${eta}$-TCP) particles coated with difference concentrations (1 and 10 mM) of simvastatin acid (SVA) on bone formation in vitro. Changes in the surface morphologies and chemical compositions of SVA1-${eta}$-TCP and SVA10-${eta}$-TCP suggested that SVA was coated on their surface. These particles were further investigated by scanning electron microscopy (SEM) observations and X-ray photoelectron spectroscopy (XPS) measurements. By measuring ultraviolet/visible (UV/Vis) spectroscopy, we found that simvastatin acid (SVA) released in a sustained manner over the period of 28 days even though the initial burst happened within 1 day. These results verify that SVA1-${eta}$-TCP and SVA10-${eta}$-TCP can be useful as a biocompatible bone graft substitutes. Biocompatibility was evaluated by cytotoxicity tests, live/dead assay, and proliferation of preosteoblast cell-line (MC3T3-E1) cells culture. The results of assays for ALP activity, calcium deposition, and mRNA expressions of alkaline phosphatase (ALP) and osteopontin suggest that the amount of SVA plays an important role in accelerating bone formation in vitro.