The elderly population is increasing globally and is predicted to reach 1.5 billion in 2050. The quality of life of the elderly must be concerned, for example, with developing functional food for the elderly. In this article, the development of functional food to reduce the risk of osteoporosis in the elderly is reviewed. Oxidative stress is one of the factors which accelerates osteoporosis. Various antioxidants, including vitamin C, vitamin E, polyphenols, or lycopene, have been proven by former studies to have antioxidant activity, therefore, could reduce the risk of osteoporosis. Additionally, the application of eggshell powder in various food products has been reported to improve calcium intake, and its usage is environmentally sustainable as this could contribute to reducing food waste. The application of both antioxidants and calcium could be a good combination, but the amount of some antioxidants must be concerned so it would not interfere with the bioavailability of calcium. Therefore, this review aims to explore the functional food for the elderly to reduce the risk of osteoporosis, particularly with antioxidants and calcium from chicken eggshells. The eating preference and dietary pattern of the elderly are also considered to determine the suitable form of functional food for the elderly. The results presented in the study may be the basis for the development of new calcium-enriched food products for the elderly.