This study was performed to investigate the acid-base and ion balance at rest and after exercise in healthy males under normoxia, moderate hypoxia, and severe hypoxia. [Methods] Ten healthy Korean males completed three different trials on different days, comprising exercise under normoxia (F i O 2 = 20.9%, N trial), moderate hypoxia (F i O 2 = 16.5%, MH trial), and severe hypoxia (F i O 2 = 12.8%, SH trial). They undertook endurance exercise for 30 min on a cycle ergometer at the same relative exercise intensity equivalent to 80% maximal heart rate under all conditions. Capillary blood samples were obtained to determine acid-base and ion balance at rest and after exercise. [Results] Exercise-induced blood lactate elevations were significantly increased as hypoxic conditions became more severe; SH > MH > N trials (P = 0.003). After exercise, blood glucose levels were significantly higher in the SH trial than in the N and MH trials (P = 0.001). Capillary oxygen saturation (S C O 2) levels were significantly lowered as hypoxic conditions became more severe; SH > MH > N trials (P < 0.001). The pH levels were significantly lower in the MH trial than that in the N trial (P = 0.010). Moreover, H C O 3-levels were significantly lower in the SH trial than in the N trial, with significant interaction (P = 0.003). There were no significant differences in blood Na + , K + , and Ca 2+ levels between the trials. [Conclusion] MH and SH trials induced greater differences in glucose, lactate, S C O 2 , pH, and HCO 3-levels in capillary blood compared to the N trial. Additionally, lactate, S C O 2 , and HCO 3-levels showed greater changes in the SH trial than in the MH trial. However, there were no significant differences in Na + , K + , and Ca 2+ levels in MH and SH trials compared to the N trial.