To elucidate the effect of soy isoflavone supplementation and exercise on serum lipids in normolipidemic and mildly hyperlipidemic postmenopausal period, 54 women residing in Seoul area were recruited. The subjects were divided into 4 groups: control group (n=13), isoflavone group (n=14), exercise group (n=14), isoflavone + exercise group (n=13). The control group was given placebo capsules, isoflavone group was given soy isoflavone supplements (90 mg/day), exercise group was given placebo capsules and exercised 3 times/week, over 30 min/time, and isoflavone + exercise group took soy isoflavone supplement and exercised. The duration of study were 8 weeks. The average age of the subjects was 57.0 years, 56.0 years, 54.4 years, and 55.2 years, respectively. There were no significant differences among the four groups in terms of height, weight, and body mass index. There were no significant differences among the four groups in terms of serum, total cholesterol, HDL-cholesterol. But the subjects indicated a significant difference in serum LDL-cholesterol (110.5 mg/day in before versus 74.6 mg/day in after) in the isoflavone + exercise group at the levels of p<0.05. In conclusion, the isoflavone supplementation and exercise may be helpful to decrease serum lipids of normolipidemic and mildly hyperlipidemic postmenopausal women.