Bone loss in postmenopausal women is mainly due to estrogen deficiency affecting the balance between osteoclast resorption and bone formation controlled by osteoblasts. Aim: To determine the relationship between bone mineral density (BMD) in pre and postmenopausal Caucasian women, and estrogen levels. Material and methods: Cross-sectional study including six groups of 8 to 15 pre-and postmenopausal healthy volunteers with different weights, body mass index (BMI) (normal or underweight <25 kg/m(2), overweight 25-30 kg/m(2), and obese > 30 kg/m(2)), not exposed to antiosteoporotic therapy. Lumbar bone mineral density (BMD) and body composition (BC) were evaluated by dual X ray absorptiometry (DXA, Hologic), while serum estradiol and estrone were measured by ELISA. Results: BMD in postmenopausal women is lower than in premenopausal women irrespective of body weight (p< 0.05). Estradiol and estrone are positively correlate with bone mass in premenopausal women, but not in postmenopausal women (R2 0.3209, R2 0.2579, respectively). Conclusions: It is very important to identify the risk factors for osteoporosis, especially in postmenopausal women, as we will show that aromatization of androgens into estrogens in adipose tissue appears not to have a significant role in postmenopausal women bone protection.