Freediving (synonyms: breath-hold diving, apnea diving) has become a popular leisure activity and continues to gain popularity and recognition as both a competitive and recreational sport. Formal freediving competitions are sanctioned by the international Confédération Mondiale des Activités Subaquatiques (CMAS) or the Association Internationale pour le Développement de l’Apnée (AIDA). Both organizations have set up rules and guidelines for competitive pool disciplines where athletes compete for maximum submerged breath-hold time or underwater swimming distance with or without fins. In freshwater disciplines athletes strive for maximum depth using different freediving techniques. These aquatic breath-holding activities carry unique medical risks that are related to environmental factors eliciting extreme physiological challenges. Pool disciplines carry an increased risk of hypoxemia and, consequently, loss of consciousness, particularly in untrained individuals. Hypoxic complications are reported to occur in up to 10% of dives during freediving competitions. Shallow water blackout following hyperventilation to extend breath-hold capability is a serious risk applying to all aquatic breath-hold activities, however, is more common during recreational freediving. Deep freediving poses the athlete to further risks such as barotrauma of ear drums or lungs, immersion pulmonary edema, nitrogen narcosis, and decompression sickness when reaching great depths. While serious complications in competitive freediving are rare, however, the risk clearly rises with increasing depth. Special breathing techniques to increase lung volumes such as glossopharyngeal insufflation carry additional risks. This article reviews possible complications and injury that may occur in competitive freedivers and discusses strategies for management and prevention of possible injury.