Hormone replacement therapy is used in women with estrogen deficiency. Patients in reproductive age with hypoestrogenemic amenorrhea and premature menopause as well as women in climacterium and postmenopause have numerous symptoms and signs of estrogen lack, which may result in decreased quality of life. HRT is recommended for the treatment of vasomotor symptoms, urogenital atrophy, and the prevention of osteoporosis-related fractures. Use of hormone replacement therapy is time limited due to an increased risk of venous thromboembolism and breast cancer. Treatment should be started with lowest effective dose for the shortest possible time. It should be individualized according to the needs and risks of each patient. HRT should not be taken for a period longer then five years. The risk of breast cancer varies with the treatment duration, route of administration, and it doesn’t depend on the dosage of hormones. The risk is greater if used with estrogen and progestin. HRT is not indicated for primary or secondary prevention of cardiovascular disease. Also, it increases the risk for tromboembolic episodes and is not recommended in patients with history of thromboembolism. Women live almost one third of their life in postmenopause, and in Croatia 18% of entire population are post-menopausal women. This leads to conclusion how hormone replacement therapy plays an important role in maintaining the health and quality of life of postmenopausal women. The aim of my thesis is to give the review of the latest findings in the area of benefits and risks of hormone replacement therapy.