Racehorses are constantly exposed to stress. Aiming to verify the state of blood components and cortisol alterations during their routine and after races, phagocytosis and oxidative neutrophil burst assays, serum cortisol determination, erythrocytes apoptosis evaluation, lymphoproliferation assays, and blood count tests were performed in thirty Thoroughbred racehorses, which were divided in two groups. The samples were taken right after races (moment 0 d), during rest periods (-11 d, +1 d, +3 d), and after training (-8, +2, +5). In both groups, the phagocytosis showed a decrease in percentage and intensity immediately after the race when comparing samples collected during rest or training periods. In the mean values of oxidative burst on samples collected immediately after the race, group I animals demonstrated a decrease (524.2 ± 248.9) when compared with those samples collected in other moments. No significant differences were found between the results of different moments regarding the apoptotic cells and lymphoproliferation assays. The mean values of serum cortisol levels were increased immediately after racing. There was an increase in the percentage of neutrophils found immediately after the race. It was possible to conclude that, although a transient reduction was found in the number of neutrophils, the horses' adaptive function was not affected.