Adiponectin is an adipocyte derived cytokine involved in various metabolic functions. The present study was conducted to determine the effect of adiponectin on proliferation and apopotosis of granulosa and luteal cells of buffalo ovary. Granulosa and luteal cells were cultured in vitro and treated with adiponectin each at 1 and 10 ug/mL concentrations for 48h after obtaining 75% to 80% confluence. Real time PCR was used to demonstrate the relative expression of proliferation marker PCNA and apoptosis marker BAX and signaling molecule PDK and Akt. The results showed that adiopnectin at the dose 10 ug/mL increased mRNA expression of PCNA, Akt, PDK (P<0.05) and decreased mRNA expression apoptosis marker BAX in presence of FSH (30 ng/mL) and IGF-I (10ng/mL). In luteal cell culture adiponectin did not affect the proliferation or apoptosis at both doses. To conclude, this study provides the evidence that adiponectin have positive effect on cell proliferation and it varies in different tissues.