Two experiments were performed to study the cardiac output (Q) vs. hemoglobin concentration (Hb) relationship during constant load submaximum eexercise. The first experiment examined the relationship between submaximum exercise Q and Hb in 28 females. A correlation of r = -0.83 (P less than 0.05) was observed between Q and Hb during xercise at 88 W (mean Q = 11.04 l . min-1) and 118 W (mean Q = 13.10 l . min-1) (mean steady rate VO2 = 1.40 l . min-1 and 1.79 l . min-1, respectively). By removing the influence of stroke volume (SV) from Q (part correlation analyses), the relationship between Q and Hb is compromised (r = -0.29, P greater than 0.05, 88 W and r = -0.33, P greater than 0.05, 118 W). The second experiment compared the VO2 max and submaximum exercise (118 W) Q responses in six males before and after blood donation. Experimentally reducing Hb 18.6% (P less than 0.05) caused a 6.2% decrease (P less than 0.05) in VO2 max. Additionally, submaximum exercise Q increased 12% (P less than 0.05) 6 days following hemodilution., The Q remained elevated 11 days (10% higher, P less than 0.05) and 16 days (9% higher, P less than 0.05) post-blood donation and progressively returned to pre-donation levels by 21 days post-withdrawal. The higher Q's during submaximum exercise were ascribed primarily to an 8% (P less than 0.05) higher SV in comparison to pre-donation levels. collectively, the data from the two experiments indicate that individual differences in submaximum exercise Q are due, in part, to individual differences in Hb concentration. Furthermore, it is suggested that the stimulus for the SV-induced Q vs. Hb association is related to maintaining maximal myocardial efficiency.