Abstract Objectives: The aim of the study is to evaluate the influence of modified, transdermal, hormone replacement therapy [HRT] and hormone supplement therapy [HST] on concentration of FSH , LH, E1, E2, PR, IGF1, GH and bone density of lumbar vertebrae in women with osteopenia in postmenopausal period. Material and methods: 65 women were enrolled, aged from 43 to 58, divided into three groups based on a randomized list. Group I control used transdermal placebo, group II used transdermal hormonal therapy [HRT] and group III used hormonal therapy per oss [HST]. The concentrations of hormones were estimate by radioimmunoenzymatic methods. Statistic analysis was based on Statistical PL. Result: After transdermal hormonal therapy [HRT], the concentration of hormones is normalized and there is a significant increase of bone density of lumbar vertebrae. Hormonal supplement therapy per oss [HST]. There is the decrease of IGF1, BMD, and increase of concentrations of estrogens, prolactin, GH. Conclusion: 1. Transdermal, hormone replacement therapy [HRT] modulates concentration of sex hormones and bone metabolism. 2. Hyperestrogenism, hyperprolactinemia, decreased IGF1 concentration and low mineral density in women after HST may cause disorders of chemical estrogens metabolism.