PURPOSE: Measure the response in aerobic and anaerobic performance, metabolic indices, and perception during a season of collegiate, competitive swim training. METHODS: Twelve female and 18 male collegiate swimmers underwent 22 weeks of training consisting of 827,087 and 1,000,728 yards (yd), respectively, for non-distance and distance training groups. Training consisted of 85% aerobic swimming. Aerobic velocity (AeV), blood lactate (AeL) and perceived exertion (RPE) were measured after a maximally paced 3000 yd swim, and anaerobic velocity (AnV) and blood lactate (AnL) were measured after a set of 6×100 yd maximal specialty stroke swims, four times during training. Velocity at the 4mmol·l−1 anaerobic threshold (4ATV) was measured five times following a series of 500 yd incremental, paced swims. RESULTS: AeV at time 2,3,4 (1.3218 ± 0.10, 1.3549 ± 0.11, 1.3515 ± 0.10 yd·s−1), respectively, was faster than time 1 (1.2684 ± 0.11 yd·s−1), (p ≤ 0.05). Also, AeV at time 3 was faster than 2. AeL was greater at time 4 (8.93 ± 1.76 mmoll−1) than 1,2,3 (7.10 ± 1.92, 6.42 ± 2.01, 6.12 ± 2.16 mmol·l−1) as was RPE at time 4 (8.00 ± 1.67) compared to 1,2,3 (6.59 ± 1.84, 6.66 ± 1.84, 7.23 ± 1.48). AnV at time 2,3,4 (1.4436 ± 0.18, 1.4457 ± 0.18, 1.4581 ± 0.20 yds−1) was faster than 1 (1.4018 ± 0.17 yds−1), and AnL at time 4 (14.44 ± 3.10 mmoll−1) was greater than 2 (12.93 ± 3.79 mmol·l−1). The 4ATV at time 2,4,5 (1.3147 ± 0.12, 1.3450 ± 0.09, 1.3098 ± 0.11 yds−1) was faster than 1 (1.2421 0.16 yds−1) and 4 was faster than 3 (1.2884 ± 0.08 yd·s−1). CONCLUSION: The greater response in AeV and the 4ATV across time compared to AnV and maximal AnL suggest the volume of training was effective for an aerobic response but not as effective in evoking anaerobic changes thus corroborating specificity of training. The increase at time 4 in AeL, RPE and no change in AeV and AnV from time 3 to 4 coincide with a significant increase in training intensity prior to taper, suggesting over-reaching and consequently a plateau in training adaptation.