Total body oxygen uptake was measured in rats following hemorrhage (16 rats) and blood transfusion (7 rats) under light Nembutal anesthesia. Arterial blood Pressure measured on the tail artery decreased or increased following hemorrhage or transfusion. No direct relationship was observed between arterial blood pressure alteration and oxygen intake variation. Hematocrit ratio which changed after hemorrhage or transfusion showed a direct relationship with oxygen intake. Decrease in hematocrit ratio resulted in a decrease in oxygen intake of rats. The correlation coefficient between decrement of hematocrit ratio and decrement of oxygen intake was r=.56. The correlation coefficient between increment of hematocrit ratio and increment of oxygen intake was r=.86. Thus it was concluded that alteration in oxygen intake was limited by the systemic oxygen transport capacity of blood.