The greater horseshoe bat (Rhinolophus ferrumequinum) is distributed throughout Europe, Africa, Australia, and South Asia. It habits mainly in the cave in small groups and forming communities in late spring. It has interesting reproductive behavior because it keeps sperm for a few months in female reproductive tracts and then those sperms attend in fertilization. This breeding pattern is a sperm storage type and belongs to Rhinolophidae or Hipposideridae. The greater horseshoe also habits in Korea. However, the reasons of reproductive behaviors has not much uncovered. In this study the characters of ovary and the levels of steroid hormones were investigated from September to November. The histological, ELISA, and immunohistochemical methods were employed. The pre-ovulatory follicle was detected only at October sample. On the other hand, the blood level of testosterone was not detectable but the levels of 17β-estradiol and progesterone were exist within the detectable range. E2 and P4 levels were peak in October. Besides, the key enzymes for estradiol synthesis, CYP17 and CYP19 were localized in the theca layer and granulosa cells, respectively. October is known as mating time in this species. However, progesterone receptors could not detect at this period. Put together, it is suggested that, the increase of estrogen and the absence of progesterone receptors on preovulatory follicle is the cause of the mating without ovulation. The understanding of the expression regulation in this system will be base of the understanding the anovulation in mammals.