As men age, the serum testosterone decreases to a small degree, but the free testosterone decreases somewhat more. Many have questioned if testosterone treatment of this age-related hypogonadism would have benefits. The Testosterone Trials, in which 790 older hypogonadal men were allocated to testosterone or placebo treatment for 1 year, demonstrated that testosterone treatment did improve all aspects of sexual function and had small beneficial effects on walking and mood. The TRAVERSE Trial, in which over 5000 men were randomized to testosterone or placebo and followed for a median of over 3 years, demonstrated that this treatment did not increase the risk of major adverse cardiovascular events or prostate cancer but did increase the risk of arrhythmias, fractures, and probably venous thromboembolic events. Considering these potential benefits and risks, this author does not recommend testosterone treatment for the typical man who has late-onset hypogonadism.