Maximal oxygen debt, lactate and excess lactate were measured in 13 men with low hematocrit ratio before and after maximal exercise. Maximal exercise run was performed on a treadmill and the duration of run was 2 minutes 45 seconds in each subject. Hematocrit ratio ranged between 35 and 47%, the mean being 39.8%. The following results were obtained. 1. Maximal oxygen debt expressed on basis of body weight increased as the hematocrit ratio decreased. The correlation coefficient between the two was r= -0.770. 2. The time necessary for decreasing to 50% of total maximal O₂ debt(half time) became longer as the hematocrit ratio decreased. In normal men the half time was about 4 minutes and at the longest it was 12 minutes in men with the lowest hematocrit ratio. 3. The lactate concentration reached its peak value after 3 minutes of recovery. Thereafter, the time course of decrease in lactate concentration coincided roughly with that of respiratory oxygen debt curve. To reach to the resting level, however, it took longer time than that of respiratory oxygen debt. 4. Resting concentrations of lactate was 1.28 mM/l, pyruvate 0.13 mM/l and L/P ratio was 9.8. Peak value of ΔL after exercise reached to the value of 10.4 mM/l and ΔL/P reached 26.0. Peak excess lactate after exercise was 6.34 mM/l. 5. The part of oxygen debt accounted for by the oxygen equivalent of excess lactate was only 38.4%. A better relationship between lactate and oxygen debt was observed and the part of oxygen debt accounted for by the oxygen equivalent of lactate was 63.3%. 6. Peak value of lactate after maximal exercise increased as the hematocrit ratio decreased. 7. Respiratory oxygen debt of 100 ml/kg was accounted for by lactate more than 60% and only 30% was by excess lactate. 8. Excess lactate was not a good index of respiratory oxygen debt.