The present invention is directed to a method of treating, preventing, or reducing the risk of bone deterioration or osteoporosis in a peri- or post-menopausal female subject. The method involves selecting a peri- or post-menopausal female subject in need of treating, preventing, or reducing the risk of bone deterioration or osteoporosis and administering hepcidin to the selected subject under conditions effective to treat, prevent, or reduce the risk of bone deterioration or osteoporosis.