We compared the effects of an ice-slush beverage (ISB) and a cool liquid beverage (CLB) on cycling performance, changes in rectal temperature (T (re)) and stress responses in hot, humid conditions. Ten trained male cyclists/triathletes completed two exercise trials (75 min cycling at ~60% peak power output + 50 min seated recovery + 75% peak power output × 30 min performance trial) on separate occasions in 34°C, 60% relative humidity. During the recovery phase before the performance trial, the athletes consumed either the ISB (mean ± SD -0.8 ± 0.1°C) or the CLB (18.4 ± 0.5°C). Performance time was not significantly different after consuming the ISB compared with the CLB (29.42 ± 2.07 min for ISB vs. 29.98 ± 3.07 min for CLB, P = 0.263). T (re) (37.0 ± 0.3°C for ISB vs. 37.4 ± 0.2°C for CLB, P = 0.001) and physiological strain index (0.2 ± 0.6 for ISB vs. 1.1 ± 0.9 for CLB, P = 0.009) were lower at the end of recovery and before the performance trial after ingestion of the ISB compared with the CLB. Mean thermal sensation was lower (P < 0.001) during recovery with the ISB compared with the CLB. Changes in plasma volume and the concentrations of blood variables (i.e., glucose, lactate, electrolytes, cortisol and catecholamines) were similar between the two trials. In conclusion, ingestion of ISB did not significantly alter exercise performance even though it significantly reduced pre-exercise T(re) compared with CLB. Irrespective of exercise performance outcomes, ingestion of ISB during recovery from exercise in hot humid environments is a practical and effective method for cooling athletes following exercise in hot environments.