The negative energy balance (NEB)during the early postpartum period in high yielding dairy cows has clearly been linked to diminished reproductive performance. As for follicular growth and development, nearly half of all modern dairy cows suffer from an ovarian dysfunction during the first weeks after calving. Several hormones and metabolites may act as metabolic cues for the NEB, thereby affecting follicular development at both the hypothalamic and the ovarian levels. The main metabolic cue for the hypothalamus seems to be metabolic fuel availability, i.e. glucose, and hormones like insulin and leptin may have a direct permissive effect on gonadotrophin secretion or an indirect effect by affecting fuel partitioning and availability. At the ovarian level, NEB can affect follicle growth by the reduced insulin, insulin-like growth factor I and leptin concentrations. Metabolites like non-esterified fatty acids may influence follicle growth at both the hypothalamic and the ovarian levels.