PURPOSE: The aims of this study were to: (1) determine the relationships between maximum oxygen uptake ([Formula: see text]O2max) and walking economy during non-graded and graded walking among overweight women and (2) examine potential differences in [Formula: see text]O2max and walking economy before and after weight loss. METHODS: One-hundred and twenty-four premenopausal women with a body mass index (BMI) between 27 and 30 kg/m2 were randomly assigned to one of three groups: (a) diet only; (b) diet and aerobic exercise training; and (c) diet and resistance exercise training. All were furnished with standard, very-low calorie diet to reduce BMI to < 25 kg/m2. [Formula: see text]O2max was measured using a modified-Bruce protocol while walking economy (1-net [Formula: see text]O2) was obtained during fixed-speed (4.8 k·h-1), steady-state treadmill walking at 0% grade and 2.5% grade. Assessments were conducted before and after achieving target BMI. RESULTS: Prior to weight loss, [Formula: see text]O2max was inversely related (P < 0.05) with non-graded and graded walking economy (r = - 0.28 to - 0.35). Similar results were also observed following weight loss (r = - 0.22 to - 0.28). Additionally, we also detected a significant inverse relationship (P < 0.05) between the changes (∆, after weight loss) in ∆[Formula: see text]O2max, adjusted for fat-free mass, with non-graded and graded ∆walking economy (r = - 0.37 to - 0.41). CONCLUSIONS: Our results demonstrate [Formula: see text]O2max and walking economy are inversely related (cross-sectional) before and after weight loss. Importantly though, ∆[Formula: see text]O2max and ∆walking economy were also found to be inversely related, suggesting a strong synchrony between maximal aerobic capacity and metabolic cost of exercise.