The dynamic response characteristics of the oxygen uptake (VO2) response were investigated during upright cycle ergometer exercise in six healthy male volunteers. The exercise test consisted of a pseudorandom binary sequence (PRBS) with 15 units per sequence, each unit 15 s long, for a total period of 225 s. Six identical sequences were completed in a single test session. Each subject exercised under both normoxic and hypoxic (FIO2 = 14%) conditions. VO2 was measured breath-by-breath. The data were analyzed in the frequency domain by Fourier analysis to yield amplitude and phase shift coefficients for the relationship between the input work rate and the output responses of VO2 and heart rate (HR). The amplitude of the VO2/work rate was significantly reduced by hypoxia compared to normoxia over a wide range of frequencies. The mean VO2 was not different between hypoxia and normoxia. The phase shift for the VO2/work rate response was significantly greater for hypoxia than normoxia. The amplitude of the HR/work rate relationship was not significantly altered by hypoxia; however, the mean HR was higher during hypoxia. The phase shift of the HR/work rate response was significantly different between hypoxia and normoxia only at certain frequencies. These data indicate that the effects of hypoxia on the cardiorespiratory response to exercise can be characterized by the use of PRBS exercise and Fourier analysis techniques. A significant reduction in the ability of the cardiorespiratory system to adapt to changes in work rate appears to be caused by a reduction in the arterial O2 content.