The factors affecting the psychological situation of menopausal women have often been examined in the past. Aim: The purpose of the present study was to examine the psychological disorders that arise in menopausal women receiving Hormone Replacement Therapy (HRT) in comparison to those not receiving HRT. Material and Method: The sample of the study included 216 menopausal women, 40-60 years old, divided into two groups and examined twice in a six months period apart. The first group included 100 women receiving HRT for at least three months period, while the second group included116 women not receiving HRT. A demographic inventory, the Greene Climacteric Scale, the Hamilton Anxiety Scale and the CES-D Depression Scale were used. Results: 46.3% of women were taking HRT while 53.7% were not. In the first interview the mean values of the Greene Scale were for the first group 13.21±9.61 and for the second one 25.33±12.25, (p<0.001), while at the second interview the mean values were 9.17±6.93 and 28.65±13.25 respectively, (p<0.001). In the Hamilton scale at the first interview the mean values of the first group were 5.74±8.29 and for the second one 19.28±11.90 (p<0.001), while at the second interview the mean values were 4.43±7.75 and 19.47±11.75 respectively (p<0.001) and were above the threshold of a clinically anxiety syndrome. The mean values of the CES-D in the first interview were 10.33±7.58 in the first group and 11.20±11.22 in the second one (p<0.001), while at the second interview were 8.61±6.25 and 11.82±11.59 respectively (p<0.001). Multiple linear regression analysis demonstrated that the education level interprets 49.4%, 28.4% and 17.1% of the variable, for Greene, Hamilton and CES-D scales respectively (Β=-4.563, p<0.001, Β=-3.012, p=0.005 και Β=-4.175, p<0.001 respectively). Conclusions: HRT seem to provide significant improvement in menopausal psychological symptoms. Further studies are needed in order to clarify relative contributing factors.