Lipomas which are the most common tumors of the soft tissue can be often accompanied by fibrous tissue, blood vessels, smooth muscle, myxoid areas; and they rarely contain bone marrow, chondroid nodules and bone formation areas. Lipomas containing both bony and chondroid areas are extremely rare and have been reported most commonly in head, neck and intraoral areas. A 41 year- old male patient had a 4.5 cm long subcutaneous mass in the chest wall which was discovered fifteen years ago. USG and MR findings had indicated lipoma. When the mass started to grow recently, the patient was admitted to our hospital. Total excision was performed to the mass of chest wall. Histopathological examination of the material, the lesion was reported as osteochondrolipoma. Osteochondrolipomas have been accepted as a variant of conventional lipomas as a result of the cytogenetic studies. It might be difficult to diagnose this very rarely seen osteochondrolipomas in the tru-cut or small biopsy specimens. Both clinically, radiologically and histopathologically differential diagnosis might be difficult. This case is the third osteochondrolipoma of the chest wall which has been reported in the literature so far.