This disclosure provides an ultrasonic bone analyzing device, which includes a transmission module for transmitting an ultrasonic signal into the inside of a living body from an outer skin of the living body, a reception module for receiving an echo signal that is a reflection wave of the transmitted ultrasonic signal from the inside of the living body, and an analyzing module for generating analysis data indicative of a state of a cartilage using an amplitude value of an echo signal from the inside of the cartilage obtained from between a cartilage surface and a subchondral bone among the received echo signals.