The American Women's Health Initiative Study was stopped 2 years ago. Last year the British One Million Women Study was published. Both studies led to a critical discussion of hormone replacement therapy. Since then media, scientists and physicians have been discussing pros and cons. There is no agreement so far, but the German Senology Society and the German Society for Gynecology and Obstetrics declared their positions on this issue. The discussion focuses on the association between hormone replacement therapy and breast cancer. In vitro studies showed that estrogens stimulate the epithelium of the breast. Prolonged exposure to estrogens (e.g. early menarche and late onset of menopause) can promote breast cancer. Indications for hormone therapy are climacteric symptoms, prophylaxis of osteoporosis, improvement of cognitive functions as well as prophylaxis of dementia. These indications are discussed in the light of recent studies.