Menstrual cycle is defined as a cyclic biological phenomenon repeated monthly, during which the level of sex hormones (estrogen and progesterone) changes. Previous research has shown that sex hormones fluctuations have an effect on sensibility to social cues in women. The aim of the present paper is to examine the relationship between menstrual cycle phases and accuracy of emotion recognition from facial expressions. The sample group included 54 female students from the Faculty of humanities and social sciences, between the ages of 18 and 32, with a regular menstrual cycle. Participants were tested 3 times, once during each of the phases. The results showed that the participants have different recognition accuracy rates for different emotions, in a way that happy and neutral faces were most accurately recognized, and frightened faces were least accurately recognized. There was no difference in total recognition accuracy between cycle phases. When each emotion was analyzed separately, a small cycle phase effect was found for recognition accuracy of fear in a way that participants recognized fear most accurately in the luteal phase, and least accurately in the ovulatory phase. It indicates that higher progesterone levels are associated with higher recognition accuracy of fear. However, it is important to note that observed effects are very small. A small effect was also found for happiness recognition accuracy, in a way that the highest accuracy was noted in the ovulatory phase which indicates that higher estrogen levels are related to the recognition of happy faces.