Intraosseous lipoma is a neoplasm which has classically been regarded in the literature as a rare bone tumor. The tumor has several distinguishing characteristics on plain film radiograph, magnetic resonance imaging, and computerized tomography scan. Due to appearances that are similar to simple bone cysts, infarctions, and other lesions, intraosseous lipomas are often misdiagnosed, possibly accounting for their purported rarity. Diagnosis based on plain film radiographs, magnetic resonance imaging, and computerized tomography scans, and appropriate treatments are discussed. Three case studies of calcaneal intraosseous lipomas are followed through the treatment course from initial presentation to postoperative follow-up. Radiographic studies and surgical procedures are discussed, as well as surgical pathology results that demonstrate the potential misdiagnosis of this tumor.