This study investigated the correlation between cycling economy (CE) and gross efficiency (GE) in Olympic cross-country mountain biking (XCO-MTB) race performance. Also was examined the correlation between CE, GE, and peak oxygen uptake (VO 2peak ). Sixteen male XCO-MTB athletes (30.9 ± 5.2 years, 68.7 ± 5.6 kg, 175.0 ± 5.7 cm, and VO 2peak : 65.4 ± 4.9 mL•kg −1 min −1 ) completed two experimental sessions. On the first, anthropometric assessments and a maximal incremental test were performed. The maximal incremental test was performed in the cycle ergometer to determine VO 2peak , CE, and GE. A week later, an XCO-MTB race was performed in the second visit, where the official race time was used as a performance indicator. An inverse, significant moderate correlation was found between race time (8318.3 ± 459.0 s) and both CE (r = −0.53; CI 95% = −0.84 to −0.10; p = 0.0008), and GE (r = −0.67; CI 95% = −0.89 to −0.22; p = 0.0001). However, the moderate correlation between CE and race time showed low power. No significant correlation was found between VO 2peak and either CE (r = −0.45; CI 95% = −0.77-0.06; p = 0.08) or GE (r = −0.47; CI 95% = −0.78-0.04; p = 0.07). In conclusion, gross efficiency is an important component of XCO-MTB race performance. The VO 2peak was not related to CE and GE. The evaluation of GE may be a useful addition to the battery of physiological tests in mountain bikers.