Chondroblastoma of the metacarpal bone has been extremely rare and only seven cases have been reported in the English literature. Here we reported the eighth case of a chondroblastoma that developed on the first metacarpal bone of the right hand of a 21-year-old man. Radiographs showed an expansile osteolytic lesion with a multilocular appearance. In MR images, the lesion showed low intensity in T1 and high intensity in T2-weighted images with multiple fluid-fluid levels, which are findings resembling those of an aneurysmal bone cyst. From the pathological findings, however, it was recognized as a chondroblastoma with aneurysmal bone cyst-like change. Good clinical results was obtained by the subtotal resection of the metacarpal bone with a columnar-shaped iliac bone graft.