The aim of this was to compare the effects of the graded exercise test (GXT) with or without load carriage on maximal oxygen uptake (VO2max) heart rate (HR), and expired ventilation (VE) and blood lactate in young healthy males and females. The study included ten females (age:20.2±0.7 yrs) and ten males (age:19.5±0.7 yrs) who performed the modified Bruce protocol at five load conditions; unloaded, 5, 10, 15, and 20% of body weight (BW) (kg). All the tests were performed in random order, at least 48 hours apart. During the GXTs, HR, VO2max, VE, workload and test duration were recorded and blood lactate concentration was measured before and immediately after the GXTs. VO2max remained unchanged during the GXTs in load and unloaded conditions for both sexes (p>0.05). Test duration was significantly less in females during the GXT with 15% BW (15.9±0.51 min vs. 18.1±1.14 min; p = 0.014) and 20% BW load carriage (15.2±0.75 min vs. 18.1±1.14 min; p = 0.020), compared to the unloaded GXT. Males showed significant decrease in the test duration during the GXT with load 15% BW (20.5±0.53 min vs. 22.8±0.61 min; p = 0.047) and with 20% BW (19.6±0.42 min vs. 22.8±0.71 min; p = 0.004), compared to the GXT with 5% BW. VE statistically decreased in female subjects only at 15% BW compared to 20% BW (15% BW = 77.9 ± 10.5 L/min vs. 15% BW = 72.0 ± 10.9 L/min; p = 0.045). There was no difference observed in maximal HR and blood lactate concentration between the GXTs in load and unloaded conditions. This study indicates that no matter the load % used during the GXT, VO2max, but not total exercise time, remains the same in young males and females.