The objective of this study was to determine whether changes take place in the manifest content of women's dreams as a function of age and the psychosocial changes that mark their waking lives. Forty-seven women from three age groups (26 to 35, 36 to 45, 46 to 56) kept a dream diary and 87 of their dreams were content analyzed. Characters, settings, aggression, friendly interactions, activities, emotions, participation of the dreamer in her dreams, autonomy, achievement striving, themes and outcomes were the dream variables of interest, as they were expected to be significant indicators of increasing adaptive competence, productive energy, and masculinity orientation with advancing age. Results provided strong support for the productive energy hypothesis and mixed support for the adaptive competence one. The expected shift toward more male-typed imagery was not observed. Findings are discussed within the theoretical framework of women's development throughout adulthood.