Although estrogen has been clinically available for more than 6 decades, women have been confused by different opinions regarding the risks and benefits of menopausal hormone therapy (HT), estrogen therapy (ET), and estrogen-progestin therapy (EPT). The main indication for HT use in postmenopausal women remains the relief of vasomotor symptoms and vulvovaginal atrophy, and is effective in the prevention of osteoporosis. In other areas of research, notably in cardiovascular and central nervous system effects, the recent literature has produced conflicting results. Treatment for up to 5 years does not add significantly to lifetime risk of breast cancer, but significantly decreases bone loss and risk of osteoporotic fractures. Some women may be susceptible to early thrombotic risk, but when appropriate HT is given after individual clinical evaluation, the benefits will far outweigh any potential risks and the treatment should be recommended. Clinical research continues into genetic factors influencing the response to ET/HT, different estrogen formulations, different modes of delivery and lower-dose options. Patients and clinicians should make treatment decisions on the basis of an individuals needs and risks, and should enhance a woman's ability to undergo the menopausal transition with minimal disruption to her quality of life. In women experiencing distressing climacteric symptoms during the peri and postmenopause there is conclusive evidence from abundant randomized controlled trials that systemic hormone therapy (HT) of any type affords symptom relief, with no alternative treatment producing similar effect. Future research is needed to identify new indications for HRT and to diminish or abolish its potential risks.