Water based-fresh mulberry fruit extracts and mulberry fruit freeze dried extracts from two cultivation areas in Thailand, Phetchabun and Nakhonratchasima province, was characterized. Mulberry fruits from Nakhonratchasima (NK) had 1.5X higher total solid weight than those from Phetchabun (PB). Total soluble solid (% Brix) of fresh mulberry fruit extracts from NK (15.90% Brix) were higher than the extracts from PB (9.98% Brix). Tritratable acidities of fresh mulberry fruit extracts from both areas were higher than from the freeze dried extracts. However the reducing sugar of fresh fruit extracts were significantly lower than from the freeze dried extracts. The extracts had pHs in the range of 3.67-4.31. The NK fresh fruit extracts had higher blue color and higher anthocyanin contents than those of the PB. The anthocyanins contents were highest at 12.37±0.75 mg/gDW with free radical scavenging activities (IC50 ) of 0.23±0.01 mg/ml. Anthocyanins in the PB extracts were stable after storage at 4oC for 10 hrs., but were degraded to 45% if they were stored at 70oC, and to 5% at 100oC for the same period of time. After LTLT pasteurization process, anthocyanin contents of the extracts were at 80.92% (fresh fruit extracts), and 85.84% (freeze dried extracts). Sterilization of the extracts reduced anthocyanin contents to 22-24%. Anthocyanin contents after storages at four freeze-thaw cycles of fresh or freeze-dried extracts were not significantly different. The effect of anthocyanin (cyanindin-3-glucoside, C3G) on rat’s bone marrow derived-mesenchymal stem cells (MSCs) was investigated in vitro. Specific growth rate of MSCs culture with growth media mixed with C3G at 50 and 100 micromoles were increased to at 26.22x10-3 h-1 and 32.73 x10-3 h-1, respectively. However, the cell growth reduced by 2 folds if the freeze-dried PB extracts were used at the same anthocyanin contents. C3G was found to enhance alkaline phosphatase (ALP) activities and calcium deposition of MSCs, while using the mulberry extract reduce these signs of osteogenic differentiation at the same conditions. These results show impacts of process temperatures on anthocyanins in mulberry extracts. The fruit has potential as functional fruits due to its high anthocyanin contents. We are the first to reveal potential of anthocyanin as an osteogenic substance.