Two types of stem cell niches in bone marrow (BM), endosteal osteoblastic, and vascular niches are involved in the microenvironmental regulation of hematopoietic stem cells (HSCs). Recently, redundant features of the two niches were identified, based on their common cellular origins or chemical mediators being produced in each niche. In contrast, studies have also revealed that HSCs are localized differentially in the niches with respect to their distinct functional status, and that the biological activity of each niche is differentially influenced by extrinsic conditions. An important question is, therefore, whether these two niches play distinct roles in regulating HSCs and whether they respond differentially to environmental stimuli/stress for ''compartmentalized'' niche organization in BM. In this review, recent discoveries related to the characteristics of each type of niche and their common or unique features are discussed, along with the possibility of multiniche regulation of HSCs in BM.