This analysis developed a population pharmacokinetic (PK) model for odanacatib, characterized demographic and concomitant medication covariates effect, and provided odanacatib exposure estimates for subjects in phase 2/3 studies. Data from multiple phase 1 (P005, P025, and P014), phase 2b (P004 and P022), and phase 3 (Long‐Term Odanacatib Fracture Trial; P018) studies were pooled to create a data set of 1280 postmenopausal women aged 45 to 91 years (102 from phase 1, 514 from phase 2b, and 664 from phase 3) who received weekly oral odanacatib doses ranging from 3 to 100 mg. A 1‐compartment model with first‐order absorption, dose‐dependent relative bioavailability (F1), and first‐order elimination best described odanacatib PK. F1 decreased from the 100% reference bioavailability for a 3‐mg oral dose to 24.5% for a 100‐mg dose. Eight statistically significant covariates were included in the final PK model: body weight, age, race, and concomitant cytochrome P450 (CYP)3A inhibitors on apparent clearance; body weight on apparent central volume of distribution; and concomitant hydrochlorothiazide, high‐fat breakfast, and a study effect on F1. All fixed‐ and random‐effects parameters were estimated with good precision (%standard error of the mean ≤29.5%). This population PK analysis provides insights into intrinsic‐ and extrinsic‐factor effects on odanacatib exposure in postmenopausal and elderly women with osteoporosis. The magnitude of the intrinsic‐factor effects was generally modest (odanacatib exposure geometric mean ratios, 0.80‐1.21) even in subjects aged >80 years, or in subsets with multiple combinations of factors.