The purpose of this study was to monitor hematological changes during 12 weeks of intense training and 4 weeks of taper in 8 highly trained competitive swimmers, and to assess the relationships between hematological variables and competition performance. Venous blood samples were obtained in the mid-season (wk 10), before taper (wk 22) and after taper (wk 26). Swimmers participated in actual competitions within 1 wk of each blood testing. Comparisons were made between swimmers improving performance with taper by more than 2% (n = 4), efficient (GE) or less than 2% (n = 4), less efficient (GLE). Hemoglobin (Hb), mean corpuscular volume (MCV), mean corpuscular hemoglobin (MCH) and mean corpuscular hemoglobin concentration (MCHC) increased significantly during training. MCH and MCHC decreased during taper, while serum iron tended to increase (P = 0.07). Improvement in performance during taper was positively correlated with post-taper red cell count (RCC): r = 0.83, P < 0.05. GE swimmers had higher pre- and post-taper RCC, and post-taper Hb and hematocrit. In conclusion, intense training and taper appeared to influence the hematological status and performance capacity of the studied group of swimmers.