Purpose: Incidence of cardio-vascular disease (CVD) rises with menopause. This increased risk is reduced significantly with hormone replacement therapy (HRT), especially for women having various risk factors for CVD. The protective effects of HRT are thought to be related to the changes in lipid profile and carbohydrate metabolism. In this study it is aimed to evaluate the serum cholesterol levels in menopausal women receiving or not receiving HRT. Material and methods: Four study groups were formed as follows: menopause group with a serum cholesterol level below 200 mg/dL (M-N group, n: 12); menopouse group with a serum cholesterol level above 200 mg/dL (M-Y group; n: 21); HRT group with a serum cholesterol level below 200 mg/dL (HRT-N group, n: 14); HRT group with a serum cholesterol level above 200 mg/dL (HRT-Y group; n: 18). Results: Apolipoprotein AI (apo AI) and insulin levels were significantly higher in the HRT-N group than the M-N group. In the HRT-Y group insulin and glucose levels were found to be significantly lower than the M-Y group. Negative correlations have been observed between glucose and apo AI in the M-N group and between glucose and cholesterol in the HRT-N group. A positive correlation was found between insulin and HDL- cholesterol in the HRT-N group. Conclusion: Lower levels of insulin and glucose in hypercholesterolemic HRT receiving group may suggest that HRT may have a protective role against CVD.