The purpose of this study was to investigate the effects of 12-weeks Hatha yoga program on estrogen, depression-related hormones and depression scale in middle-aged postmenopausal women. The subjects were randomly assigned to a Hatha yoga group(n=20) and a control group(n=17). Hatha Yoga program was conducted 3 times a week, the 1st 40-50%HRR(RPE 12-13), the 2nd 50-60%HRR(RPE 13-14), and the 3rd 60-70%HRR(RPE 14-15) for 12 weeks. The test data were analyzed by repeated measures ANOVA, paired t-test, independent t-test and the alpha level of .05 was set for all tests of significance. The results of the study in the estrogen was significantly increased in Hatha yoga group and control group. Serotonin decreaed significantly in control group, although the changes failed to reach a statistically significant level in Hatha yoga group. Dopamine decreased in both Hatha yoga group and control group. Cortisol tended to be decreased in Hatha yoga group and to be increased in control group, although the changes failed to reach a statistically significant level. Depression scale decreased significantly in Hatha yoga group. In conclusion, Hatha yoga pogram had positive effect on estrogen, depression-related hormones and depression scale in middle-aged postmenopausal women.