17β-estradiol (E2) can enhance reproductive, cognitive, and affective functions; however, the mechanisms by which E2 has these effects need to be better understood. Pleiotrophic effects of E2 can occur via traditional and novel actions at various forms of estrogen receptors (ERs). In the central nervous system, trophic effects of E2 may be related to beneficial effects of hormone replacement therapy (HRT). However, in peripheral reproductive tissues, E2's capacity to evoke growth can increase risk of cancers. This review focuses on investigations aimed at elucidating divergent mechanisms of steroids to promote trophic effects in the brain, independent of effects on peripheral reproductive tissues. First, actions of estrogens via ERα or ERβ for peripheral growth (carcinogen-induced tumors, uterine growth) and hippocampus-dependent behaviors (affect, cognition) are described. Second, factors that influence these effects of estrogens are described (e.g. experience, timing/critical windows, non-ER mechanisms). Third, effects of estrogens at ERβ related to actions of progestogens, such as 5α-pregnan-3α-ol-20-one (3α,5α-THP) are described. In summary, effects of E2 may occur via multiple mechanisms, which may underlie favorable effects in the brain with minimal peripheral trophic effects.