The Serum and follicular fluid concentrations of Follicle Stimulating Hormone (FSH), Luteinizing Hormone (LH), Prolactine (PRL) and Estradiol (E2) were measured in 79 cases undergoing In-Vitro Fertilization (IVF). In our hospital-based IVF program, 307 follicles were followed, 225 eggs recovered, 166 eggs fertilized, 125 eggs cleft, and 8 biochemical pregnancies and 2 full term babies were achieved. The maturity levels of the oocytes were divided into 4 groups: immature, mature (stage I), mature (stage II), and atretic. The morphology and maturity of the oocytes were analyzed and compared with the hormone levels in serum and follicular fluid. More mature oocytes were produced with higher levels of FSH, LH, PRL and E2 in serum and follicular fluid. At the same time, more immature oocytes were produced as well. (FSH: R=0.78, P<0.01; LH: R=0.53, P<0.01; PRL: R=0.53, P<0.01). The estradiol levels in both serum and follicular fluid showed good correlation with oocyte maturity, fertility, cleavage and with pregnancy rate (p<0.01). FSH enriched follicular E2 production (R=0.69, P<0.01), and the releasing of FSH were accompanied by a marked increase of circulating E2, whereas similar responses were not observed with varying levels of PRL and LH.