We report a case of a woman with a depressive disorder with partial response to antidepressant treatment. Raloxifene, a Selective Estrogen Receptor Modulator (SERM) was added to the treatment, the patient achieving complete remission of her depressive symptoms. The interest of our case lies in the fact that it exemplifies the relationship between depressive disorders and hormonal changes during menopause. Furthermore, raloxifene may become a novel therapeutic option in some postmenopausal women who do not respond or only partially respond to SSRIs, especially in those with a history of depressive disorders related to menopause.