Background: The characteristic rhythmic changes in the rate of secretion of ovarian hormones during different phases of menstrual cycle produce physiological changes in various organ systems, including the respiratory system. Aim: To assess and compare pulmonary function parameters during follicular and luteal phase of menstrual cycle. Material and methods: Pulmonary function parameters like Vital Capacity, Forced Vital Capacity (FVC) and Forced Expiratory Volume in 1 sec (FEV1) were measured in 38 first year medical female student’s volunteers with regular menstrual cycles, during follicular and luteal phases of menstrual cycle, which was statistically analyzed. Result: The mean value of TV, FVC and FEV1 were more during the luteal phase which was statistically significant. Conclusion: The pulmonary function parameters which were measured were better during the luteal phase of the menstrual cycle as compared to those in the follicular phase.