Ghrelin is an orexigenic hormone secreted from endocrine cells in the stomach and other tissues. Acylation of ghrelin is essential for appetite regulation. Vigorous exercise induces appetite suppression but this does not appear to be related to suppressed concentrations of total ghrelin. This study examined the effect of exercise and feeding on plasma acylated ghrelin and appetite. Nine males aged 19 to 25 y participated in two, 9-h trials (exercise and control) in a random crossover design. Trials began at 08:00 h in the morning after an overnight fast. On the exercise trial subjects ran for 60 min at 72% of maximum oxygen uptake between 08:00 and 09:00 h. After this, they rested for 8 h and consumed a test meal at 11:00 h. On the control trial subjects rested for 9 h and consumed a test meal at 11:00 h. Area under the curve values for plasma acylated ghrelin concentration (assessed from venous blood samples) were lower over the first three hours and the full nine hours of the exercise trial compared with the control trial: 317 ± 135 versus 510 ± 186 pg·mL^-1·3 h and 917 ± 342 versus 1401 ± 521 pg·mL^-1·9 h (mean ± SEM) respectively (P <0.05). Area under the curve values for hunger (assessed using a visual scale) were lower over the first three hours of the exercise trial compared with the control trial (P = 0.013). These findings demonstrate that plasma acylated ghrelin concentration and hunger are suppressed during running.