Alendronic acid is one of the most effective diphosphonate compounds used for clinical treatment of bone disorders. It is administered orally as its monosodium salt, for which hydrate and anhydrous crystal forms are known. The monosodium alendronate trihydrate form (NaH 4 A•3H 2 O) is incorporated into medicines as the Active Pharmaceutical Ingredient (API). The NaH 4 A•3H 2 O form can be dehydrated at temperatures above 115 °C, resulting in the anhydrous form (NaH 4 A). Although the crystal structures of both forms have already been reported, an investigation of the reversible dehydration/hydration solid-phase transition is presented here for the first time. A solid-state mechanism for the phase transition, which involves the reversible dehydration−hydration of the NaH 4 A•3H 2 O and NaH 4 A forms, is also proposed. A systematic study comparing the equilibrium solubility and discriminatory intrinsic dissolution of the NaH 4 A•3H 2 O and NaH 4 A forms is included. To achieve this goal, an alternative method of quantifying alendronate anions released from the crystal forms into solution, flame photometry, is proposed and validated. The stability and interconversion of the NaH 4 A•3H 2 O and NaH 4 A forms are probed by differential scanning calorimetry (DSC), thermogravimetric analysis (TGA), Fourier transform infrared spectroscopy−attenuated total reflectance (FTIR-ATR), and powder X-ray diffraction (PXRD).