Phytoestrogens are structurally similar to its mammalian counterparts and are capable of producing estrogen-like effects and non-steroidal in nature. Their affinity to bind to the estrogen receptors, a class of cytoplasmic proteins, is far less in comparison to the natural estrogen hormones found in humans and other animals or even the synthetically prepared estrogen and, therefore, are far less potent. Even so, the usage of phytoestrogen in either dietary or supplemental form in postmenopausal women is gaining interest, as opposed to the conventional estrogen replacement therapy (ERT), which was so far being used to alleviate the postmenopausal symptoms and believed, with little experimental/clinical evidence, to cause a significant reduction in the threat of coronary heart diseases (CHD). This usage of phytoestrogen follows from the fact that the overall health risks exerted by ERT outweigh the benefits, and to a little extent, the perception that synthetically prepared, so-called "prescription estrogen" interferes with what is otherwise a natural process. It is crucial to explore the alternatives that mimic the beneficial effects of ERT, especially with regard to the minimization of the risk of developing CHD and further evaluation of the aforementioned risks in terms of lipid profiling while simultaneously keeping the health risks to a minimum. This review discusses the scope of use of phytoestrogen specifically pertaining to lipid profiling, their possible health benefits, and adverse effects if any.