Membranous nephropathy is a common cause of nephrotic syndrome in adults. It has variable natural history, with about 1/3 of patients achieving spontaneous remission, 1/3 having persistent proteinuria but stable renal function, and 1/3 progressing to end-stage renal disease over 5-10 years. Several factors predict poorer prognosis, including older age, nephrotic syndrome, lower serum albumin and higher proteinuria levels. Studies show immunosuppressive therapy may alter the natural history for patients at high risk of progression, but risks of treatment must be weighed against the likelihood of spontaneous remission.