The present study reports the results obtained after the analysis of the thermal stability and decomposition kinetics of widely used synthetic derivative of estradiol, ethinylestradiol (EE), as a pure active pharmaceutical ingredient. As investigational tools, Fourier transformed infrared spectroscopy (FTIR), thermal analysis, and decomposition kinetics modeling of EE were employed. The kinetic study was realized using three kinetic methods, namely Kissinger, Friedman, and Flynn-Wall-Ozawa. The results of the kinetic study are in good agreement, suggesting that the main decomposition process of EE that takes place in the 175–375 °C temperature range is a single-step process, invariable during the modification of heating rate of the sample.