Estrogen replacement therapy (ERT) is widely used in postmenopausal women for the prevention of cardiovascular disorders and decreased bone mineral density (osteoporosis). A possible role of ERT in reducing depression and cognitive impairment has been suggested. However, an increased incidence of depression after menopause is still controversial and, similarly, the cognitive changes associated with menopause need further study and clarification. While the response of these conditions to ERT is still controversial, the findings of several studies indicate that ERT reduces the deterioration of well-being and cognition in otherwise healthy postmenopausal women.