This study aimed to test the hypothesis that ice slurry ingestion attenuates the magnitude of CV drift and accompanying decrement in V˙O2max during heat stress. Eight men completed a graded exercise test on a cycle ergometer in 22°C to measure V˙O2max. Then on three separate occasions (in randomly assigned counterbalanced treatment orders), they cycled at 60% V˙O2max in hot conditions (35°C, 40% RH) for 15 min, 45 min with tepid (23°C) fluid ingestion (45FL), or 45 min with ice (-1°C) slurry ingestion (45ICE), followed immediately by measurement of V˙O2max. The purpose of the separate 15- and 45-min trials was to measure CV drift and V˙O2max over the same time interval. The increase in heart rate between 15 and 45 min was twice as large in 45FL (8.6%) compared with 45ICE (4.6%; P = 0.02). Stroke volume declined by 6.2% in 45FL but was maintained with 45ICE (P = 0.02). V˙O2peak decreased from 15 to 45 min by 8.6% and 9.0% in 45FL and 45ICE, respectively, but was not different between conditions (P = 0.79). Although ice slurry ingestion attenuated CV drift more than fluid ingestion, it did not mitigate the decline in V˙O2max. Contrary to previous findings, when ice slurry is ingested, changes in heart rate may not reflect changes in relative metabolic intensity during prolonged exercise in the heat.