We compared the effects of exercise training at a low (610 m) altitude with those at moderate (1,500 m) altitude on arterial oxygen saturation (SaO2) and pulse rate (PR) between two groups of men: five subjects in the low altitude group (LG), and five other subjects in the moderate-altitude group (MG), after giving them a series of bicycle training in a hypobaric chamber. Training intensity was 75% HRmax for 60 min/day, 3 times per week for 5 weeks. Before and after the training, Sao2 and PR were measured with a pulse oximeter during step-tests under various air pressures, corresponding to 610 m, 2,000 m, and 4,000 m, respectively, in the chamber. We found that: 1) Sao2 during the step-test carried out at 2,000 m and 4,000 m in the hypobaric chamber was significantly increased in MG compared with that in LG; and 2) PR during the step-tests at 610 m, 2,000 m, and 4,000 m was significantly decreased in MG compared with that in LG. Thus, we conclude that exercise training at a moderate altitude is a useful method for increasing Sao2 and decreasing PR and may prevent mountain sickness.