Objective-To study the effects of combination hormone therapy (HT) on emotional processing in postmenopausal women using functional neuroimaging.Design-A randomized, double-blind placebo-controlled cross-over study was performed.Setting-A tertiary care university medical center.Participants-Ten healthy postmenopausal women (mean age 56.9 years, S.D. = 1.4) were recruited.Interventions-Women were randomized to the order they received combined hormone therapy, 5 ug ethinyl estradiol and 1 mg norethindrone acetate, and placebo. Volunteers received hormone therapy or placebo for 4 weeks, followed by a one month washout period, and then received the other treatment for 4 weeks. Subjects participated in an fMRI emotional processing task, where they were asked to rate emotional pictures as positive, negative, or neutral.Main Outcome Measure-Brain activation patterns were compared between hormone therapy and placebo conditions within subjects.Results-During negative emotional presentations, after subtracting the effect of neutral images, areas of significant differences between HT and placebo conditions were identified in the orbital, frontal, cingulate and occipital cortices. During positive emotional image presentation there were significant differences between placebo and HT conditions within the medial frontal cortex.Conclusions-Short-term menopausal treatment with combination hormone therapy affects regional brain activity within areas implicated in emotional processing.