Objectives: The aim of this study was to investigate associations between toe grasp strength (TGS), skeletal muscle mass, and calcaneal bone status in young adults, and to determine whether TGS independently associates with musculoskeletal parameters. Methods: This cross-sectional study included 150 healthy young adults (118 males, 32 females; median age: 23 years). TGS was assessed using a standardized toe grasp dynamometer. Skeletal muscle mass was measured by bioelectrical impedance analysis (InBody 570), and calcaneal bone status was evaluated using quantitative ultrasound, expressed as standardized speed of sound (s-SOS). Associations between TGS, skeletal muscle index (SMI), and s-SOS were examined using correlation and multivariable regression analyses, with sex-stratified analyses. Results: Significant sex differences were observed in TGS, SMI, and s-SOS, with males showing higher values. In males, TGS was positively associated with both SMI and s-SOS. Multivariable analyses showed that higher TGS and younger age were independently associated with greater SMI and s-SOS in males. No significant associations were observed in females. Conclusions: In males, higher TGS is associated with greater skeletal muscle mass and better calcaneal bone status, suggesting that lower limb muscle strength reflects musculoskeletal status during early adulthood. Longitudinal studies are required to further clarify these associations.