Demineralized bone factors are capable of stimulating bone regeneration through an osteoinductive mechanism and thus it has been recognized as a good bone graft. In this study, a kind of demineralized bone extracts (DBX) derived from bovine tibia by a chemical route. The extracts thus obtained were analyzed for their bio-chemical and physical properties using various techniques and results provided quite interesting insights into the demineralization process. There is no significant evidence of mineral phase associated with the connective tissue detected during chemical as well as physical testing, indicating the formation of DBX. This kind of bone extracts may used as a bone graft material and as a substrate for the growth of biomimetic apatites.