The objective of this study was to determine the association of aerobic capacity with health-related quality of life in 121 subjects using the modified Bruce protocol as a predictor of maximum oxygen consumption (VO2 maximum) and the SF-36 quality of life questionnaire. The average maximum VO2 was 26.56 ± 12.67 mL/kg/min for men and 25.36 ± 10.72 mL/kg/min for women. There was a significant association between sex and maximum VO2 (p = 0.018). Physical function and social function were the variables with the highest average values in the total sample, and aerobic capacity explained 15.3% of the physical function. In conclusion, low maximum VO2 was found in both sexes, and there was a significant association of maximum VO2 with physical function, physical performance, general health, vitality, and social function.