Internal bone remodeling subjected to coupled axial force and radial loading is studied in this paper. A theoretical model is developed based on a novel stimulus function expressed in terms of a relation between radial strain applied to the pericellular matrix and the interstitial fluid velocity in the lacunar-canalicular system. An assumption of homogeneity is made in order to obtain a continuum representation. Theoretical results are presented to verify the proposed remodeling theory.