Objective To study the effects of Levothyroxine on the patients' thyroid function and the bone density of Ward's triangle, femoral tuberosity, femur, tibia, spine L2-L4 of patients with Graves’ disease. Methods A retrospective analysis of the clinical datas of 83 cases patients with Graves’ disease admitted to Taishan Traditional Chinese Medicine Hospital from February 2019 to February 2020, they were divided into the Thiamazole group (40 cases) and the Levothyroxine group (43 cases) according to the treatment method. Patients in the Thiamazole group were treated with Thiamazole, and patients in the Levothyroxine group were treated with Levothyroxine on the basis of the Thiamazole group. Patients in both groups were treated for 12 consecutive months and followed-up for 6 months after treatment. The clinical efficacy after treatment, the recurrence rate during follow-up, and the levels of serum thyroid-stimulating hormone (TSH), free triiodothyronine (FT3), free thyroxine (FT4), the bone density of Ward triangle, femoral tuberosity, femur, Tibia, spine L2-L4, 24 h urine calcium (UCa), 24 h urine phosphorus (UP) levels of patients before and after treatment were compared between the two groups. Results After treatment, the clinical efficacy of patients in the Levothyroxine group was significantly higher than that of the Thiamazole group; compared with before treatment, the TSH level and the bone density of Ward triangle, femoral tuberosity, femur and tibia, and spine L2-L4 of patients in the two groups increased significantly after treatment, and the Levothyroxine group was significantly higher than those in the Thiamazole group; while the levels of FT3, FT4 and UCa, UP of patients in the two groups decreased significantly after treatment, and the Levothyroxine group was significantly lower than the Thiamazole group (all P <0.05); 6 months after treatment, the recurrence rate of patients in the Levothyroxine group was significantly lower than that in the Thiamazole group, but the difference was not statistically significant (P >0.05). Conclusion On the basis of Thiamazole treatment, combined with Levothyroxine to treat Graves’ disease can effectively improve the treatment effect of patients, improve thyroid function and bone density, regulate bone metabolism disorders, and improve the prognosis.