This study sought to determine the impact of exercise on postprandial metabolism with and without energy deficit. The data collected from 13 men aged 40 ± 8 years showed that one moderate intensity exercise session with energy replacement reduced postprandial insulin concentrations and increased the rate of postprandial fat oxidation. However, exercise-induced energy deficit was necessary to reduce postprandial triglyceride concentrations. In fact, the triglyceride-lowering effect of exercise was only present with energy deficit. These findings suggest that exercise without energy deficit can be of some metabolic benefit, especially on numerous aspects of postprandial metabolism, but an energy deficit is required to maximize the beneficial effect of exercise. The authors noted that further studies are needed to establish whether this effect extends beyond the present subject population. As a result, this phenomenon should be studied in other populations such as women, dyslipidemic individuals, and subjects with type 2 diabetes.