Dedifferentiated parosteal osteosarcoma is characterized histologically by the admixture of low-grade fibroblastic osteosarcoma and a high-grade component typically resembling conventional osteosarcoma or malignant fibrous histiocytoma. We report an unusual distal femoral dedifferentiated parosteal osteosarcoma in which the dedifferentiated component resembled a giant cell tumor of bone. This phenotype is rarely described in the dedifferentiated component of a dedifferentiated parosteal osteosarcoma. The clinical, radiographic, and pathologic features of this unusual tumor are described to further expand the histologic spectrum of dedifferentiated parosteal osteosarcoma.