In this study we have investigated the effect that the menstrual cycle has on dreams, sleep quality and mood. A total of 16 women, university students, with a regular menstrual cycle of 28 days, not on any form of hormonal treatment were tested over five weeks. Methods of diary of dreams, daily self-evaluation of mood and weekly self-assessment of quality of sleep were adopted. Mood scores varied significantly during the menstrual cycle (p < 0.05) with improvement of mood around the time of ovulation and worsening during the pre-menstrual phase of the cycle. Sleep quality did not vary significantly during the menstrual cycle. During the pre-ovulatory phase of the cycle dreams had the highest levels of incongruity (p < 0.05), number of positive emotions (p < 0.0005), number of male-non-self-characters (p < 0.005) and erotic content (p < 0.001). While during the pre-menstrual phase dreams were longer (p < 0.05) and with a larger number of female characters (p < 0.005) and of negative emotions (p < 0.0005). These results suggest that the hormonal variations during the menstrual cycle may have an effect on dreaming. Both the preovulatory oestrogen peak and the presence of progesterone during the luteal phase may enhance memory processes involved in the dream production. (PsycINFO Database Record (c) 2012 APA, all rights reserved)