The purpose of this study was to investigate the effects of 12-weeks aerobic exercise program on blood lipids, estrogen, adiponectin and metabolic related hormones in serum for obesity menopausal women with short-term HRT and obesity menopausal women with long-term HRT. The results are as follows. 1. There was significant reduction(p<.05) of the %fat and there were increase of estrogen and adiponectin for STHRT group. 2. The body weight and BMI were significantly reduced(p<.001) and the %fat was reduced while estrogen was increased and the adiponectin was significantly increased(p<.01) for LTHRT group. 3. The change of adiponectin for LTHRT was significantly bigger than STHRT(p<.05). The research suggests that aerobic exercise program gives positive effects on the body weight, body fat, BMI and the concentration of adiponectin in serum for women with HRT. However, the duration of HRT does not appear to cause big differences on the results.