Objective. To investigate the outcomes of IVF/ICSI in patients with anovulatory infertility depending on ovarian aromatase activity. Materials and methods. This prospective cohort study comprised 98 patients with anovulatory infertility. Depending on ovarian aromatase activity, patients were divided into Group I (low activity, n = 60), Group II (normal activity, n = 24), and Group III (high activity, n = 14). The outcomes of IVF/ICSI were analyzed. Results. The proportion of mature oocytes was significantly higher in the Group II than in Group I [89.0% (80–100) vs. 78.5% (69–86), p <0.05] and did not differ from Group III [89.0% (67–100)]. The fertilization rate in the Group II was significantly higher than in Group I [(73% (56–86) vs. 59% (49–75), p = 0.04] and did not differ from Group III [71% (43–80)]. The biochemical and clinical pregnancy rates and live birth rate per embryo transfer in Group II were higher than in Group I [45.5% vs 10.0% (p = 0.005); 40.9% vs 10.0% (p = 0.01), and 31.8% vs 10.0% (p = 0.05), respectively], and did not differ from Group III, where these rates were 35.7%; 35.7% and 28.6%, respectively. Hyperergic response to ovarian stimulation was observed in 55%, 25%, and none of the patients in Group I, Group II, and Group III, respectively. Conclusion. In patients with normogonadotropic anovulation with low ovarian aromatase activity, embryo transfer in fresh cycles is associated with a high risk of ovarian hyperstimulation syndrome and results in a low pregnancy rate.