The aim of this study was to assess physiological variables that contribute to aerobic fitness in respect to basketball training and the maturity level in adolescent boys. Our subjects were 28 basketball-trained and 22 control-group boys (average age: 11.83 ± 0.43 years). An incremental treadmill running test to exhaustion was performed twice with a 1-year interval between the sessions to determine the following peak aerobic fitness variables: oxygen uptake, stroke volume, cardiac output, minute ventilation, and others. Maturity offset was used to evaluate the maturity level. The basketball-trained group exhibited a higher peak ratio-scaled oxygen uptake (1st session: 50.55 ± 6.21 and 46.57 ± 5.68 ml/kg/min in basketball and control-group boys, respectively, p = 0.024; 2nd session: 54.50 ± 6.50 and 45.33 ± 5.99 ml/kg/min, respectively, p < 0.001) during both testing sessions. During the 2nd session, the basketball-trained group also showed a significantly higher peak arteriovenous oxygen difference (basketball-trained boys: 14.02 ± 2.17 ml/100 ml; control-group boys: 12.52 ± 2.49 ml/100 ml; p = 0.027) and peak minute ventilation (basketball-trained boys: 96.08 ± 21.71 l/min; control-group boys: 83.14 ± 17.85 l/min; p = 0.028). The maturity level among the basketball-trained boys was correlated with peak variables: oxygen uptake, stroke volume, cardiac output, and minute ventilation, but not with the ratio-scaled oxygen uptake. In conclusion, basketball training at a young age among boys improved aerobic fitness compared with sedentary boys. More mature basketball players were not superior to their less mature peers regarding aerobic fitness after adjusting for body dimensions.