Modeling of cancellous bone has important applications in the detection and treatment of fatigue fractures and diseases like osteoporosis. In this paper, we present a fully coupled multiscale approach considering mechanical, electric and magnetic effects by using the multiscale finite element method and a two-phase material model on the microscale. We show numerical results for both scales, including calculations for a femur bone, comparing a healthy bone to ones affected by different stages of osteoporosis. Here, the magnetic field strength resulting from a small mechanical impact decreases drastically for later stages of the disease, confirming experimental research.