The method described by Wasserman for anaerobic threshold (AT) determination, based on the recording of ventilatory parameters, was supported by the simultaneous appearance of hyperlactacidemia and hyperventilation during a standardized incremental work test. Our study aimed at testing the AT in another profile of exercise, viz., during exercises at constant workloads. A homogenous population of 66 healthy subjects performed on a treadmill a total of 100 exercises of 20 min duration at constant workloads (43, 48, 52, 57, 63, and 71% VO2 max). The VO2, V, and venous plasma lactic acid (LA) were determined every minute. LA showed an initial transient increase at 43% VO2 max and a steady-state elevated level above 48% VO2 max. In contrast, the hyperventilation threshold (HVT) was only observed above 57% VO2 max, simultaneously with a delayed steady-state VO2 and with a sustained increase of lactate until the end of exercise. The meaning of the simultaneity of these three events must still be studied. However, the dissociation between both early and steady-state lactate thresholds and HVT is not in keeping with the concept of AT. In these conditions, there is no evidence that HVT necessarily represents an AT, viz., a critical intensity of exercise inducing an insufficient oxygen delivery to the muscles. This conclusion does not imply that the measurement of HVT should be rejected as an empirical test of physical fitness.