Many avian species exhibit an extraordinary ability to exercise under hypoxic condition compared to mammals and more efficient pulmonary oxygen transport has been hypothesized to contribute to this avian advantage. We studied 6 Emus (Dromaius novaehollandaie, 4-6 months old, 25-40 kg) at rest and during treadmill exercise in normoxia (N) and hypoxia (H; FI_OO20.13). The multiple inert gas elimination technique (MIGET) was used to measure V/Q distribution of the lung and calculate cardiac output (Q_T) and parabronchial ventilation (V_P). In both N and H, exercise increased Pa_OO2 and decreased Pa_OO2, reflecting hyperventilation, while pH remained unchanged. The V/Q distribution was unimodal with a log standard deviation of Q distribution = 0.60±0.06 at rest, this did not change significantly with either exercise or hypoxia. Intrapulmonary shunt was <1% of the cardiac output in all conditions. CO₂ elimination was enhanced by hypoxia and exercise but O₂ exchange was not affected by exercise in normoxia or hypoxia. The stability of ventilation-perfusion matching under conditions of hypoxia and exercise may be advantageous for birds flying at altitude.