The ovaries are a woman's reproductive organs. There are two ovaries, both located within the pelvis (lower region of the abdomen, between the hip bones), one on each side of the womb (uterus). The ovaries have a size and shape comparable to a large olive. The role of the ovaries is to produce eggs and also the female hormones. The primary female hormones released by the ovaries are estrogen and progesterone. These hormones regulate the menstrual cycle, pregnancy and development of a woman's physical appearance including breasts, shape and hair.