Food intake provides the necessary components for adequate metabolic functions in bone. Calcium, phosphorus, vitamin D, magnesium, proteins, and fluoride are some of the most important nutrients in this regard. These have different effects on bone mass. Additionally, exercise has been shown to elicit osteogenic responses in bone development; indeed, it seems to potentiate, for example, the effect of calcium supplementation on bone mass. However, the nutrition-exercise-bone mass relationship is complex and needs further in-depth investigation. As a first step, therefore, we reviewed current knowledge about the role of nutrition on the development of bone tissue and how physical activity affects the nutrient-bone relationship.