In this study, we compare the effects of isocaloric high‐ (HIGH: 2 g kg−1 d−1, n = 19) and low‐protein diet (LOW: 1 g kg−1 d−1, n = 19) on changes in body composition, muscle strength, and endocrine variables in response to a 10‐day military field exercise with energy deficit, followed by 7 days of recovery. Body composition (DXA), one repetition maximum (1RM) bench and leg press, counter‐movement jump height (CMJ) and blood variables were assessed before and after the exercise. Performance and blood variables were reassessed after 7 days of recovery. The 10‐day exercise resulted in severe energy deficit in both LOW and HIGH (−4373 ± 1250, −4271 ± 1075 kcal d−1) and led to decreased body mass (−6.1%, −5.2%), fat mass (−40.5%, −33.4%), 1RM bench press (−9.5%, −9.7%), 1RM leg press (−7.8%, −8.3%), and CMJ (−14.7%, −14.6%), with no differences between groups. No change was seen for fat‐free mass. In both groups, the exercise led to a switch toward a catabolic physiological milieu, evident as reduced levels of anabolic hormones (testosterone, IGF‐1) and increased levels of cortisol (more pronounced in HIGH, P < .05). Both groups also displayed substantial increases in creatine kinase. After 7 days of recovery, most variables had returned to close‐to pre‐exercise levels, except for CMJ, which remained at reduced levels. In conclusion, increased protein intake during 10‐day military field exercise with severe energy deficiency did not mitigate loss of body mass or impairment of physical performance.