Background: The purpose of this study was to investigate differences in the power profile derived from training and racing, the training characteristics across a competitive season and the relationships between training and power profile in U23 professional cyclists. Methods: Thirty male U23 professional cyclists (age, 20.0 ± 1.0 years; weight, 68.9 ± 6.9 kg; V˙O2max, 73.7 ± 2.5 mL·kg−1·min−1) participated in this study. The cycling season was split into pre-, early-, mid- and late-season periods. Power data 2, 5, 12 min mean maximum power (MMP), critical power (CP) and training characteristics (Hours, Total Work, eTRIMP, Work·h−1, eTRIMP·h−1, Time<VT1, TimeVT1-2 and Time>VT2) were recorded for each period. Power profiles derived exclusively from either training or racing data and training characteristics were compared between periods. The relationships between the changes in training characteristics and changes in the power profile were also investigated. Results: The absolute and relative power profiles were higher during racing than training at all periods (p ≤ 0.001–0.020). Training characteristics were significantly different between periods, with the lowest values in pre-season followed by late-season (p ≤ 0.001–0.040). Changes in the power profile between early- and mid-season significantly correlated with the changes in training characteristics (p < 0.05, r = −0.59 to 0.45). Conclusion: These findings reveal that a higher power profile was recorded during racing than training. In addition, training characteristics were lowest in pre-season followed by late-season. Changes in training characteristics correlated with changes in the power profile in early- and mid-season, but not in late-season. Practitioners should consider the influence of racing on the derived power profile and adequately balance training programs throughout a competitive season.