This study aimed to explore the importance of aerobic capacity and nutrition on 28-km mountain running performance and race-induced changes in body composition and biochemical blood indices, in recreational master athletes of different performance levels. Twenty male master runners (age: 44.6 ± 7.7 years) were divided into two groups, slower and faster runners, according to their race performance. Maximum oxygen uptake [Formula: see text], velocity at [Formula: see text] [Formula: see text], oxygen consumption [Formula: see text], and velocity [Formula: see text] during the second ventilatory threshold were evaluated. Nutrition was assessed for one week before and during the race. Body composition was evaluated, and blood samples were collected before and 3 h after the race. Slower runners exhibited a greater reduction in lean body mass and greater changes in all muscle damage/inflammation/metabolism blood indices than the faster runners ( η2 = 0.201–0.927; p < 0.05). When all the participants were assessed as one group ( n = 20), significant correlations were found between [Formula: see text], vVO2Thr, race time, energy intake, expenditure, carbohydrate, protein intakes, and post-race changes in body composition and blood markers ( r: −0.825–0.824; p < 0.05). The strongest determinants were [Formula: see text] and vVO2Thr, while energy intake, expenditure, carbohydrate, and protein intakes seemed to be the weakest determinants of race performance and race-induced changes in body composition and blood indices. The results suggest that race-induced changes in body composition and blood indices are determined mainly by master runners’ race performance and endurance capacity and to a lesser extent by nutrition. However, it seems that carbohydrate and protein intakes have equal importance.