This study was undertaken to determine whether administration of a standardized gindeng extract at 300 mg.$d^1$ for 8 weeks could enhance maximum aerobic and anaerobic exercise capabilities and whether any changes of such effects can be occurred when exercise training was added. Forty-one male university students were randomly divided into four groups as ginseng-untrained (GU, n=10), ginseng-trained (GT, n=10), placebo-untrained (PU, n=10), and placebo-trained (PT, n=11). The trained groups underwent 8 weeks of aerobic exercise at 65% of individual's maximum oxygen consumption ($Vo_2$ max) for 30 min.$d^1$, 3d.$wk^1$. Prior to and at the end of experiment, $Vo_2$ max, anaerobic power (AP), anaerobic capacity (AC), and leg muscle strength were determined and some physiological parameters related to $Vo_2$ max were measured. Initially, all subject groups did not differ in average $Vo_2$ max (range 45.9 to 47.9 ml/.kg-1.min-1). After 8 weeks, the $Vo_2$ max increased significantly from the initial level by 12.6% in group GU, 14.5% in group PT, and 24.5% in group GU which was significantly higher than group GU but not group PT. Changes in all measured parameters related to $Vo_2$ max were similar among the subject groups except group PU. Both the AP and the AC were significantly increased in all subject groups (range +3.6 to +13.1% above initial for the AP and +4.4 to) 8.955 above initial for the AC) but the higher changes were found for the AP in groups PT and GU, and for the AC in grouts PT, when compared with group PU. No significant differences in the two anaerobic variables were observed between group GT and the other groups of subjects. Leg strength was also significantly enhanced over group PU in groups PT, GU and GT. There were no significant differences among the latter three subject groups. As a result of these findings, it was concluded that under the conditions of this study ginseng administration at the prescribed dose exhibited the training-like effects on $Vo_2$ max as well as anaerobic power and leg muscle strength but no clear synergistic action on these physical fitness variables occurred when both g inseng administration and exercise training were combined.