Women commonly report increased cravings for foods high in sugar, fat, and/or salt premenstrually relative to other times during the menstrual cycle. To determine if elevated cravings for foods high in salt and/or fat were related to alterations in food preferences across the menstrual cycle, preference and sensory ratings for air-popped popcorn with varying levels of salt (0.0, 1.5, and 4.0 g) and butter (3.3, 10, and 30 g) added to 30 g of popcorn were assessed in 34 normal-weight, college-aged women for 4 consecutive weeks. Additionally, using the Profile of Mood Scale (POMS), mood states were determined across the menstrual cycle. Dietary restraint, disinhibition, and hunger were assessed using the Three Factor Eating Questionnaire (TFEQ). Neither preference ratings nor ratings of the saltiness or fatness of the popcorn samples varied as a function of the menstrual cycle. Moreover, no differences in mood states were observed across the menstrual cycle. However, preference ratings for the popcorn samples were significantly greater for restrained than unrestrained eaters. Restrained eaters also rated the samples as significantly more salty, and had significantly higher scores on the tension-anxiety and depression-dejection subscale of the POMS than unrestrained eaters. Additionally, preference ratings of women who reported exercising more than 3 h a week were significantly greater than those of women who reported exercising less than 3 h a week. It is hypothesized that the variations in preference ratings observed as a function of dietary restraint and exercise are the result of differences in cognitive beliefs about food, rather than differences in physiological factors.