Researchers studied 24,000 postmenopausal women who were taking either hormones or dummy pills.
Researchers say women who are thinking of using hormone pills to ease hot flashes and other symptoms of menopause should consult with a doctor and "look at the bigger picture."
Various types of hormone pills have also been linked with breast cancers, heart attacks and strokes.
The study appears in the Archives of Internal Medicine.
The Associated Press contributed to this story.