We investigated whether horses trained in moderate and mild hypoxia demonstrate greater improvement in performance and aerobic capacity compared to horses trained in normoxia and whether the acquired training effects are maintained after 2 weeks of post‐hypoxic training in normoxia. Seven untrained Thoroughbred horses completed 4 weeks (3 sessions/week) of three training protocols, consisting of 2‐min cantering at 95% maximal oxygen consumption
under two hypoxic conditions (
H16
,
F
I
O
2
= 16%;
H18
,
F
I
O
2
= 18%) and in normoxia (
N21
,
F
I
O
2
= 21%), followed by 2 weeks of post‐hypoxic training in normoxia, using a randomized crossover study design with a 3‐month washout period. Incremental treadmill tests (IET) were conducted at week 0, 4, and 6. The effects of time and groups were analyzed using mixed models. Run time at IET increased in
H16
and
H18
compared to
N21
, while speed at
was increased significantly only in
H16
.
in all groups and cardiac output at exhaustion in
H16
and
H18
increased after 4 weeks of training, but were not significantly different between the three groups. In all groups, run time,
,
,
, and lactate threshold did not decrease after 2 weeks of post‐hypoxic training in normoxia. These results suggest that 4 weeks of training in moderate (
H16
), but not mild (
H18
) hypoxia elicits greater improvements in performance and running economy than normoxic training and that these effects are maintained for 2 weeks of post‐hypoxic training in normoxia.