This study was designed to measure ovarian hormones prior to and during the first estrous cycle in guinea pigs. Blood was obtained from 12 animals throughout the first estrous cycle. Ovaries and peripheral serum were obtained from 25 additional animals at various stages of development prior to and after first ovulation. Estradiol, progesterone, androstenedione, and testosterone were measured in all sera and half of the ovaries. The remaining ovaries were fixed for histology. Serum estradiol was nondetectable until a few days before first ovulation, but was present in the ovary throughout development. Serum progesterone was nondetectable until the day of ovulation, but the luteal phase pattern was similar to that observed in adults. Serum androgens were detectable throughout development, with androstenedione higher than testosterone. The immature ovary contained more testosterone than androstenedione, but this pattern was reversed after ovulation. These results indicate that the immature ovary in the guinea pig contains minimal amounts of estradiol and progesterone, the first estrous cycle is similar to that in adults, and that the pattern of ovarian androgen content changes during the peripubertal period.