We examined the response to exercise of selected physiological variables in horses performing the identical routine for eight days, in the morning (a.m.) or in the afternoon (p.m.). Heart rate (HR), systolic and diastolic blood pressure (BP), and body temperature (BT) were all consistently greater in the p.m. For BP and BT, the absolute increase above the a.m. values was the same at rest and during exercise. For HR, the absolute increase was greater during exercise, but the percent increase was the same as during rest. During exercise, blood glucose decreased, while blood lactate and skin temperature increased; these changes were the same during the a.m. and p.m. sessions. We conclude that there is no indication in horses of a difference in the responses of HR, BP, and BT to exercise between the a.m. and p.m. The circadian oscillations, however, alter the absolute values of these variables both at rest and during exercise, raising the possibility that the safety margins against hyperthermia and hypertension may decrease during p.m. exercise.