According to the hypothesis on the stimulating effect of adenosine on increasing fibroblast growth factor 7 in dermal papilla cells and its vasorelaxant effect, we performed this study to compare the effect of topical minoxidil 5% and adenosine 0.75% on male pattern androgenetic alopecia. This prospective-randomized study recruited 110 male patients suffering from grade II-V Hamilton androgenetic alopecia. Fifty-five patients received minoxidil 5% (group 1) and adenosine 0.75% (group 2) each. Later, 16 patients were excluded due to allergic reactions or loss to follow up. After 3 and 6 months of treatment, complete and relative recovery rates alongside patient satisfaction rate (faster prevention of primary hair loss and appearance of newly grown hair) were compared between the groups. After 3 months of treatment, relative recovery was achieved in 2.4% and 1.9% of patients in group 1 and group 2, respectively, which was not significantly different (p=0.17). During 6 months, the relative recovery rate did not change either within or between the groups (p=0.99) and after 6 months none of the patients achieved complete recovery. However, the patient satisfaction rate was significantly higher in group 2 (p=0.003). In the light of the results, adenosine has no statistically superiority to minoxidil in the treatment of androgenetic alopecia according to recovery rates. However, the patients were significantly more satisfied with adenosine because of faster prevention of hair loss and appearance of the newly grown hairs. It seems further studies with larger sample size or different drug dosages are required to clarify the findings.