In order to study the effect of direct moxibustion on depressed immune response and thyroid hormone in rats exposed to cold stress, Sprague-Dawley male rats were put in the horizontal refrigerator by $-10^{circ}C$ for 14 days and thereafter $-18^{circ}C$ for 11 days(control group). Sample I group was treated by daily direct moxibustion to bilateral Shinsu(BL23) from the 22nd day to the 25th day for 4 days under the same condition with the control group. Sample II group was treated by daily direct moxibustion to bilateral non-acupoints near the root of the tail from the 22nd day to the 25th day for 4 days under the same condition with the control group. And RBC, WBC, CD4+ T cell count, T3, T4 and TSH were measured. The results were as follows; 1. RBC increased with statistical significance in the sample I and sample II groups compared with the control group. 2. WBC increased with statistical significance in the sample I group, but there was not any significance in the sample II group compared with the control group. 3. Lymphocyte increased with statistical significance both in the sample I and sample II groups compared with the control group. 4. CD4+ T cell count increased with statistical significance both in the sample I and sample II groups compared with the control group. 5. T3, T4 and TSH increased respectively with statistical significance in the sample I and sample II groups compared with the control group.