Lipomas are one of the most common benign tumors of the body, characterized by a slow-growing, painless mass that rarely causes symptoms. Bone metaplasia among the mature adipose cells, however, is a rare condition called osteolipoma. In this article, we present a case report of a 61-year-old lady with a giant osteolipoma of the hand. After a surgical extirpation, she showed a fast recovery, and no recurrence during the two-year follow-up period was observed. We aimed to make a literature review of this pathology, discussing the symptoms, diagnosis, and management of this rare condition.