The ovaries secrete mainly two female sex hormones called the estrogens and the progestins.
Estrogens
In Non-pregnant females, they are predominantly secreted by the theca interna of mature graffian follicle of ovaries. However, during pregnancy, the placenta secretes a good amount of estrogens.
The three types of estrogens are; estrone, β-estradiol and estriol.
The most active and the main estrogen produced by the ovaries is the β-estradiol.
They play an important role in the growth and development of follicles in the ovary and breast.
They are responsible for the development of female secondary sexual characteristics (e.g. high pitch voice)
They inhibit osteoclastic activity and stimulate bone growth. Osteoporosis in menopausal women is caused due to low estrogen levels.
They also change the texture of the skin and female sexual behaviour.
Progestins (Progesterone)
The progestins are secreted by the yellow structure i.e. corpus luteum, a temporary endocrine gland, which is formed from the ruptured graffian follicle.
Most important progestin is the progesterone. Small amounts of 17-α-hydroxyprogesterone are also secreted along with progesterone.
Placenta also secretes large amounts of progesterone during the later stage of pregnancy.
The progestins perform mainly have 2 function; prepare the endometrium of the uterus for pregnancy and prepare breasts for the process of lactation.
Progesterone acts on breasts / mammary glands and stimulates the alveoli for milk secretion.
Final answer:
Hence, the ovary secretes oestrogen and progesterone.