Both bariatric surgery and medical modification approaches to weight loss for individuals with obesity have been evaluated for their impacts on sexual health, however, a comparison between these interventions has not been undertaken. A convenience sample of 52 females were recruited from community medical and surgical weight loss clinics to participate; 25 received medical management that consisted of dietary guidance and exercise training, and 27 received bariatric surgery. Participants completed self-report questionnaires before and after treatment that examined sexual functioning, sexual satisfaction, relationship satisfaction, depression, anxiety, and body esteem. Sexual functioning decreased in both groups regardless of weight loss approach, p = .037. Sexual satisfaction increased for both groups, p = .005, with significantly greater improvements seen in the medical management group, p = .038. Measures of sexual desire, arousal, and pain did not change after treatment, and there were no group or time effects on relationship satisfaction, depressive symptoms, or body esteem. Lubrication and orgasm function decreased over time for both groups. These results highlight that sexual satisfaction can improve with either weight loss approach, even when sexual function decreases.