Hyaluronic acid (HA), a glycosaminoglycan found in joint synovial fluid, is administered to horses as an anti-inflammatory with lubrication properties. This experiment examined the effects of HA administered before and shortly after an exercise test on metacarpophylangeal (MCP; fetlock) and tibiotarsal (hock) joint range of motion (ROM). Horses were injected intravenously (IV) with placebo (4 mL, saline) or HA (4 mL, 40 mg) 24 h before performing a standardized exercise test (SET) on a high-speed treadmill and again at 6-h post-SET. Passive fetlock flexion was measured at 4 and 24 h post-SET. Hock flexion and extension was measured at 24 h post-SET by videography and kinematic evaluation at the trot. Parameters of the SET were sufficient to cause peak lactate values of 6.6 ± 0.15 mM and maximum heart rate of 203.6 ± 4.8 bpm. A minor gain (P = 0.08) in fetlock flexion prior to SET was observed in HA horses that was not retained at either 4 or 24 h post-SET. Hock flexion in both limbs was greater (P < 0.05) at 24 h post-SET, independent of treatment. Horses receiving HA exhibited reduced (P = 0.04) right hock extension. No differences in either right or left hock ROM were observed between control and HA treated horses. From these results, it is concluded that IV HA injections surrounding an exercise stressor offer no substantive gains in either fetlock or hock ROM.