The aim of this study was to analyse the effects of different recovery times between bouts of small-sided games (SSG) on external and internal load variables in semi-professional soccer players. Sixteen male semi-professional soccer players performed three 4 vs. 4 + goalkeeper SSG training sessions, each with different recovery bout duration: short (1 min) (SSG1), medium (2 min) (SSG2), and long (4 min) (SSG4). Time motion and neuromuscular measures were collected during all SSGs, in addition, the rating of perceived exertion (RPE) was determined at the end of the last bout of each SSG. Results showed a significant increase in the total number of accelerations (p = 0.016, ES = 0.97, large) and decelerations (p = 0.022, ES = 0.81, large) in SSG4 compared to SSG1. In terms of the internal load, SSG2 showed significantly higher RPE values (p = 0.011, ES = 1.00, large) in comparison with SSG1. If the sessions' focus is on neuromuscular training, longer recovery times between SSG bouts should be used. Conversely, if the aim is to reach a higher total and running distance at different intensities, a 2-min recovery period between bouts may be more appropriate.