OBJECTIVE:To investigate the effects of a regularly repeated aerobic exercise series on anxiety and maximum oxygen consumption (VO 2max ) in Panic Disorder patients. METHODS: Ten previously sedentary female subjects diagnosed with Panic Disorder performed 36 sessions of aerobic exercise (at 70 to 75% of VO 2max ), 3 times per week during 12 weeks. A cardiopulmonary evaluation (ergospirometry test) was used to set the intensity of training as well as to establish baseline and post-training VO 2max parameters. The assessment of anxiety symptoms was performed at baseline, at the end of the 6 th and 12 th weeks, using the Trait Anxiety Inventory (STAI-T) and State Anxiety Inventory (STAI-S), and the Subjective Units of Distress Scale (SUDS) questionnaires. One-way ANOVA for repeated measurements (at 3 moments: Baseline, 6th week (mid-training) and 12 th week (post-training) was used to compare the evolution of the questionnaires; the Bonferroni post hoc test was applied to identify differences between moments. A dependent t-test was performed for measures of VO 2max . RESULTS: Compared to baseline, (a) STAI-T showed significant anxiety reductions at mid-and post-training moments; (b) STAI-S and SUDS recorded anxiety reductions only at Post-training; (c) VO 2max showed a significant improvement at Post-training. CONCLUSION: This protocol promoted beneficial effects on cardiorespiratory fitness and anxiety levels of Panic Disorder patients.