The ovarian steroid hormones estrogen and progesterone are critical in the growth and proliferation of the breast during normal development, yet ovarian activity has also been shown to be a major driver of breast cancer risk. Through both the menstrual cycle and pregnancy, healthy women are frequently exposed to changes in their hormonal milieu, during which cycling estrogen and progesterone levels induce the breast to undergo signifi cant morphological changes. This infl uence, and the fact that exposure to exogenous hormones such as the use of progestins in hormone replacement therapy and oral contraception are associated with increased breast cancer risk, highlights the importance of understanding the molecular mechanisms of estrogen and progesterone signaling, both in the normal breast and in the development and progression of breast cancer. Importantly, due to the limited availability of normal human breast tissue, the vast majority of current knowledge of the mechanisms of these hormones has evolved from animal models and cell line studies, and recapitulation of these mechanisms in the normal human breast largely remains to be confi rmed. Here the authors review the current thinking on ovarian hormone action in the human breast and discuss the implications these effects may have on breast cancer risk throughout a woman's lifetime.