A systematic review was carried out based on a comprehensive literature search using Medline (years 1980–2000) and the Cochrane Database, covering the topic ‘hormone replacement therapy’ (HRT). Two hundred and forty published trials have been analyzed and evaluated based on their statistical and conceptual strength. Estrogen therapy leads to lower LDL cholesterol and a higher HDL/LDL ratio. Conjugated estrogen taken orally leads to higher triglyceride levels. Progestin, however, reduces the favorable effect of estrogen on serum lipids. Other surrogate parameters such as lipoprotein(a), homocysteine, blood pressure, vessel diameter measurements, Doppler ultrasound assessment, exercise ECG, parameters of carbohydrate metabolism or clotting factors may be favorably influenced by HRT, but they cannot prove a favorable effect on cardiovascular disease in general, as long as there is no proven mortality or morbidity benefit. In 1998, the Heart and Estrogen/progestin Replacement Study showed that women with preexisting cardiovascular disease receive no benefit from long-term (4–5 years) HRT, but have an increased rate of thromboembolism, especially in the first 4 months of treatment. No data exist about the influence of very long-term (>10 years) HRT on cardiovascular disease, either for healthy women or for women with preexisting cardiovascular disease. Very long-term HRT effects might be different from short-term effects. Hence, with regard to the prevention of cardiovascular disease, the following conclusions can be drawn: there are no reliable data to unequivocably prove the benefit of long-term HRT in healthy women. On the contrary, there is a 2- to 3-fold increased risk of thrombosis and embolism in the first months of treatment. Caution should therefore be exercised when using HRT, particularly with regard to the potentially harmful adverse effects.