Background: While the improvement of anemia with erythropoietin (EPO) treatment increases peak VO 2 in anemic patients, the effects of EPO on minute ventilation (VE), VO 2 , and VCO 2 kinetics are not well described. Objectives: The aim of this study was to evaluate the improvement in hemodynamic, metabolic, and ventilatory response during exercise along with the improvement of anemia with EPO treatment in anemic hemodialysis patients. Methods: Thirty-seven hemodialysis patients with anemia (48.8 ± 13.6 years) received EPO (1500 or 3000 unit, 3 times a week). Parameters measured prospectively before and after EPO treatment included hemoglobin, cardiac output by dye dilution method, echocardiography, and cardiopulmonary exercise parameters. Results: With EPO treatment, hemoglobin increased from 6.4 ± 0.9 to 10.3 ± 0.9g/dl (p<0.001), with concomitant improvements of O 2 delivery at rest (from 663.8 ± 161.1 to 793.4 ± 188.5ml/min, p=0.004) and high output state (from 8.0 ± 1.6 to 5.6 ± 1.2l/min, p<0.001). Peak heart rate, peak systolic blood pressure, and peak VE did not change. Peak VO2 increased from 15.7 ± 5.3 to 18.8 ± 5.3ml/min/kg (p=0.017), and oxygen uptake efficiency slope (OUES) improved from 1,255 ± 375 to 1,517 ± 357 (p<0.001). However, VE vs. VCO 2 slope (from 34.3 ± 7.3 to 31.8 ± 7.2, p=0.86) and VE-VCO 2 curve did not change. Conclusion: The treatment of anemia improved peak VO 2 and OUES without affecting VE vs. VCO 2 slope significantly. In evaluating the efficacy of treatment for patients with renal failure and anemia, the VE vs. VO 2 relation rather than the VE vs. VCO 2 should be used.