Dehydration commonly leads to hypovolemia and hemoconcentration. Changes in thyroid hormone-binding proteins secondary to hemoconcentration profoundly affect total serum thyroid hormone concentrations. The authors sought to determine the acute effects of mild to moderate dehydration on thyroid hormone levels/thyroid function tests and its reversibility upon rehydration. Total thyroxine, total triiodothyronine, free thyroxine, and the free-thyroxine index decreased significantly after hydration, in parallel with the decrease in extra cellular fluid volume status markers. Triiodothyronine-resin uptake increased after hydration. Thyrotropin levels decreased by 8% after hydration. Hypovolemia leads to simultaneous alterations in extracellular fluid volume markers and thyroid hormone serum concentrations that reverse rapidly upon rehydration. This constitutes, by itself, a distinct and new clinical entity.