Velvet deer antler (VDA) is well known oriental medicine claimed to have tonic activities as improving bone mineral density (BMD), immune-enhancing, rejuvenating and many other medicinal activities. Ossified deer antler (ODA) is bony product produced by over-calcification of deer antler due to late harvesting. The extraction efficiency of ODA by conventional boiling in water must be very poor due to bony nature, hence the reputations for the medicinal efficacies of ODA has been highly under-evaluated compared to that of VDA without any experimental evidences. Employing our new efficient water extraction process ($135^{circ}C$), the extracts of ODA and VDA were analysed to compare the contents of bioactive components and the potencies of pharmacological activities. The results showed that; 1) The $135^{circ}C$ extraction (autoclaving) of ODA gave highly increased amount of biomass, 120% more than the conventional extraction by 100-boiling, whereas the same treatment for VDA showed only 15% increased amount of biomass. 2) Feeding the ODA- or VDA-extracts to oophorectomized rats showed very potent BMD-recovering activity. 3) During the ossification of deer antler, the total collagen content was found to be increased by addition of type-1 to pre-existing type-2 collagen, but not replacement of type-2 to type-1 collagen. High titer of peptide hormones like growth hormone and IGF-1 were detected in the ODA- and VDA-extracts and also in the serum of ODA- or VDA-treated oophorectomized animals dose-dependently. Present experimental data will give a conclusion that folkloric poor reputations on ODA must be concerned only with poor extraction efficiency of conventional $100^{circ}C$ water extraction and not based on the composition of bioactive substances of ODA.