Microstructure plays a pivotal role in the bulk mechanical behavior of materials. That is why proper understanding of trabecular bone microstructure is of great importance to assess the risk of bone fragility fracture. Current studies of trabecular microstructure are still relying on µCT-based finite element models due to the lack of standard mathematical method to render random cellular structures like trabecular bone. µCT-based models are costly and time consuming .Such models are individual specific, incapable of parametric analyses and lack flexibility correlating different microstructural features to the overall mechanical properties. In this work, a statistical representation of trabecular bone microstructure was defined by means of suitable parametric models for various microstructural features. These parametric models will allow for quantitative comparison of trabecular bone samples from different anatomical locations and of different bone diseases. A novel method was developed for rendering digital microstructure that is quantitatively similar to real trabecular bone sample using Voronoi Tessellation, Inverse Monte Carlo algorithm and a series of geometric constructions. The parametric models and the method of rendering trabecular microstructure developed in this work will accelerate studying microstructure-property relationships and also facilitate bio inspired design for engineering applications. Finally, a 3D model of the trabecular bone was generated which can be useful for designing and rapid prototyping of artificial bone.