Subperiosteal hemangioma (SPH), an exceptionally rare lesion, was diagnosed in a 68-year-old man. SPH is usually small and is most commonly located in the midshaft of a long tubular bone such as the tibia or fibula. A wide range of age groups is affected. SPH may present with mild pain or local swelling unassociated with trauma. Radiologically, it usually appears as a shallow cup-shaped depression surrounded by cortical thickening. Several other periosteal and intracortical lesions must be considered in the differential diagnosis, but the final diagnosis rests on microscopic evaluation. The treatment of SPH is marginal excision; local recurrences have not been reported after such treatment.