During aging, bone loss occurs in association with alteration of blood perfusion in the tissue. A number of studies have shown that repaired blood perfusion in various organs was improved by regular exercise, but the effect of exercise on bone microcirculation has not been studied fully yet. This study aimed to investigate the effect of exercise training on capillary vascularity in rat femur by directly observing the bone microcirculation under a laser scanning confocal microscope. Male Wistar rats were divided into three groups: sedentary-young (aged 4-6 months), sedentary-aged (aged 20-22 months) and trained-aged (aged 20-22 months). The exercise program included swimming training 5 days/week for 8 weeks. Using our newly devised window chamber, we directly observed the femur microcirculation of each group under a laser scanning confocal microscopic system. Based on the fluorescent image of microvasculature recorded at the surface of the femur, bone capillary vascularity (CV) was measured using computer software. Liver malondialdehyde (MDA) level was also measured to examine the relationship between CV and oxidative stress in aged rats. In the sedentary-aged group, the CV significantly decreased, but the MDA level significantly increased, compared with sedentary-young group. In the trained-aged group, CV was significantly higher, whereas the MDA level was significantly lower, compared with the sedentary-aged group. In both sedentary-young and sedentary-aged rats, the CV was linearly correlated with the MDA level. In conclusion, the swimming exercise could attenuate aged-induced suppression of CV, closely related to exercise-ameliorated oxidative stress in aged.