This study compared the cardiorespiratory responses of eight healthy women (mean age 30.25 years) to submaximal exercise on land (LTm) and water treadmills (WTm) in chest-deep water (Aquaciser). In addition, the effects of two different water temperatures were examined (28 and 36°C). Each exercise test consisted of three consecutive 5-min bouts at 3.5, 4.5 and 5.5 km · h⁻¹. Oxygen consumption (V˙O₂) and heart rate (HR), measured using open-circuit spirometry and telemetry, respectively, increased linearly with increasing speed both in water and on land. At 3.5 km · h⁻¹ V˙O₂ was similar across procedures [χ = 0.6 (0.05) l · min⁻¹]. At 4.5 and 5.5 km · h⁻¹ V˙O₂ was significantly higher in water than on land, but there was no temperature effect (WTm: 0.9 and 1.4, respectively; LTm: 0.8 and 0.9 l · min⁻¹, respectively). HR was significantly higher in WTm at 36°C compared to WTm at 28°C at all speeds, and compared to LTm at 4.5 and 5.5 km · h⁻¹ (P ≤ 0.003). The HR-V˙O₂ relationship showed that at a V˙O₂ of 0.9 l · min⁻¹, HR was higher in water at 36°C (115 beats · min⁻¹) than either on land (100 beats · min⁻¹) or in water at 28°C (99 beats · min⁻¹). The Borg scale of perceived exertion showed that walking in water at 4.5 and 5.5 km · h⁻¹ was significantly harder than on land (WTm: 11.4 and 14, respectively; LTm: 9.9 and 11, respectively; P ≤ 0.001). These cardiorespiratory changes occurred despite a slower cadence in water (the mean difference at all speeds was 27 steps/min). Thus, walking in chest-deep water yields higher energy costs than walking at similar speeds on land. This data has implications for therapists working in hydrotherapy pools.