Objective Osteoporosis and osteoarthritis are metabolic skeletal disorders. This study aimed to identify specific networks of competitive endogenous RNA (ceRNA) in osteoporosis that differ from those in osteoarthritis. Methods The dataset GSE74209 was downloaded from the Gene Expression Omnibus, and differentially expressed microRNAs (DEmiRNAs) in osteoporotic samples and osteoarthritic samples were identified. After predicting target genes and linked long noncoding (lnc)RNAs, ceRNA networks of DEmiRNAs were constructed. The nodes that overlapped between ceRNA networks and the Comparative Toxicogenomics Database were selected as key candidates. Results Fifteen DEmiRNAs (including 2 downregulated and 13 upregulated miRNAs) were identified in osteoporotic samples versus osteoarthritic samples; these targeted 161 genes and linked to 60 lncRNAs. The ceRNA network consisted of 6 DEmiRNAs, 63 target genes, and 53 lncRNAs. After searching the Comparative Toxicogenomics Database and mining the literature, 2 lncRNAs ( MALAT1 and NEAT1), 2 DEmiRNAs ( hsa- miR- 32-3p, downregulated; and hsa-miR-22-3p, upregulated) and 6 genes ( SP1, PTEN, ESR1, ERBB3, CSF1R, and CDK6) that relate to cell death, growth, and differentiation were identified as key candidates separating osteoporosis from osteoarthritis. Conclusions Two miRNA–ceRNA networks (including NEAT1/ MALAT1- hsa- miR- 32- 3p- SP1/ FZD6 and NEAT1/ MALAT1- hsa- miR- 22- 3p- PTEN/ ESR1/ ERBB3/ CSF1R/ CDK6) might have crucial and specific roles in osteoporosis.