The menopausal transition is accompanied by the decrease in estrogen levels and changes in the estrogen to androgen ratio, resulting in dysregulation of multipotent mesenchymal stem cell (MSCs) differentiation in the subcutaneous adipose tissue, reduction of their adipogenic potential, adipocyte hypertrophy, and metabolic disorder progression. Menopausal hormone therapy (MHT) is used to manage menopausal symptoms. However, the effects of exogenous hormones on MSCs are still poorly understood. The study aimed to assess adipogenic differentiation of the subcutaneous adipose tissue MSCs and their sensitivity to testosterone, 17β-estradiol, and parathyroid hormone (PTH) in postmenopause. A total of six patients with benign gynecological disorders were included in the study, among them two were of reproductive age, one was perimenopausal, and three were postmenopausal. The MSCs adipogenic differentiation was performed throughout 14 days with the addition of testosterone, 17β-estradiol, or PTH, 10 nM each, then the proportion of cells containing lipid droplets was assessed. The adipogenesis level in control samples was 26–30% in patients of childbearing age and 12–42% in postmenopausal ones, with the pronounced interindividual variability. Hormonal stimulation considerably suppressed MSCs adipogenesis in postmenopause: testosterone reduced adipogenesis to 46–56% of control levels, estradiol to 51–84%, PTH to 53–66%, while patients of childbearing age showed a less pronounced effect (65–85%). The obtained data demonstrate a shift in hormonal sensitivity of MSCs from subcutaneous adipose tissue in postmenopause and suggest that MHT may exert an additional inhibiting effect on adipogenesis through suppression of MSCs differentiation.