Pulmonary arterial hypertension (PAH) is a complex disease of multifactorial origin. Whilst registries have demonstrated that women are more susceptible to the disease, females with PAH have superior RV function and a better prognosis than their male counterparts, a phenomenon referred to as the ‘oestrogen paradox.’ Numerous pre‐clinical studies have investigated the involvement of sex hormones in PAH pathobiology, often with conflicting results. However, recent advances suggest that abnormal oestrogen synthesis, metabolism, and signalling underpin the sexual dimorphism of this disease. Other sex hormones, such as progesterone, testosterone, and dehydroepiandrosterone, may also play a role. Several non‐hormonal factors, including sex chromosomes and epigenetics, have also been implicated. Though the underlying pathophysiological mechanisms are complex, several compounds that modulate sex hormones levels and signalling are under investigation in PAH patients. Further elucidation of the oestrogen paradox will set the stage for the identification of additional therapeutic targets for this disease.