The effects of exercise training on energy expenditure, energy intake, fat cell size and adipose tissue lipolysis have been reviewed. Individuals engaged in regular and intense training programmes, e.g. long distance runners, seem to exhibit an elevated resting metabolic rate but moderate training is not accompanied by any important change. Diet-induced thermogenesis is a significant component of daily energy expenditure. It is still unclear whether or not exercise or training causes significant alteration in the thermic response to food intake. Energy expenditure associated with physical activity can play a meaningful role in body composition and adipose tissue metabolism. Largest weight losses have been achieved with programmes of long duration, presumably without marked compensation in food intake. However, it has been shown repeatedly that an increase in energy expenditure with exercise training tends to be associated with an elevation in food intake in free-living individuals. Weight loss is concomitant with a reduction in fat cell diameter and, when caused by an exercise training programme, it is generally accompanied by an increase in fat cell lipolytic activities. There are clear indications that weight loss induced by exercise training has a much higher fat content than weight loss caused by dieting. In addition, data suggest that exercise training may result in a greater depletion of fat stores than a low calorie diet, thus delaying the advent of the resistance phase to fat loss. Data on human subjects derived from well controlled energy balance and metabolic experiments are needed to further advance our understanding about the effects of exercise training on the adipose tissue.