It has been suggested that progesterone might affect bone metabolism. Dydrogesterone (DD) has a chemical structure very close to that of natural progesterone, without androgenic effects. We compared the effect of a daily treatment with DD and estradiol (E2, 40 micrograms/kg) on 70 female rats (8 weeks old), divided in seven groups: controls; ovariectomized (OVX); OVX + E2, OVX + DD 2.5 mg/kg; OVX + DD 5 mg/kg; OVX + E2 + DD 2.5 mg/kg; and OVX + E2 + DD 5 mg/kg. Two months later we studied estradiol, osteocalcin, and acid phosphatases (TRAP) levels; histomorphometric parameters at the trabecular part of the femur; and bone mineral density of the tibiae (trabecular and cortical areas) and caudal vertebrae (cortical bone) by dual energy X-ray absorptiometry (Hologic QDR 2000). In the OVX group, we found a nonsignificant increase of osteocalcin and TRAP, a decrease in the trabecular bone volume, and an increase in the intertrabecular distance. These variations were not seen in the groups treated with E2 (with or without DD). DD had no effect on trabecular architecture parameters. It induced a dose-dependent increase in the osteoclast number (TRAP + cells), without increase in trabecular separation. There was no difference in bone density of caudal vertebrae between the different groups, nor of the tibial density between the OVX and OVX + DD groups. The bone densities were not different in the control and E2-treated groups, with or without DD. During dydrogesterone treatment, there is an increase in osteoclast number, without an apparent increase in osteoclast function. Dydrogesterone did not prevent bone loss due to ovariectomy in rats, and it did not affect the protective effect of estradiol.