(1) Objectives: A little is known about the prevalence of the “risk of osteoporosis (RO)” and the factors associated with RO among Bangladeshi adults. Using a cost-effective testing tool, this study aimed to investigate the prevalence of RO and find the association between age, gender, and morbidity with RO among adults in Bangladesh. (2) Results: Among 526 subjects, the prevalence of RO was 37.3%. Gender (p =< 0.001), age (p = 0.003), diabetes (p = 0.003), cardiovascular disease (p =< 0.001) and multimorbidity (p =< 0.001) were associated with RO. The causal relationships, by adjusting confounders in the associations of RO and other variables, were depicted graphically. (3) Conclusion: The pattern of association between gender and age with RO was different and exclusive. Different approaches might be needed to alleviate the high burden of RO considering the subjects’ age, gender, and multimorbidity.