Leptin is a protein hormone produced predominantly by adipocytes. However, due to many confounding factors, the effects of exercise on circulating leptin are less clear. Research purpose was study of acute effects of exhaustive incremental exercise on serum leptin, and lactate in one session physical education students of Shahid Chamran University. Thirty students that had body fat between 20-25 percent and VO2maxbetween 35-45 ml/kg/min, categorical randomly select through 200 physical education students of Shahid Chamran University and they divided into two equal groups (15 subjects for training group and 15 subjects for control group).Training test included Astrand test on treadmill that performed exhaustive incremental exercise at 8 AM. Blood samples collected from two groups in pre and post test and 9 hours later. Statistical analyzes have been done using two way repeated measures ANOVA, independent sample T- test and Pearson correlation coefficient using SPSS software version 16. Serum leptin had not any changes between three measurement bouts in training group compare to control group (P>0.05). Plasma lactate significantly had changed between pre and post test and pre test and 9 hours later (P<0.001). Comparison between serum leptin changes in pre and post test with blood lactate changes significantly there was negative correlation (r=0/74, P<0.014). In general our results have been shown that exhaustive incremental exercise on serum leptin has no effect on serum leptin in three measurement bouts. Probably reciprocal effects of catecholamines and cortisol hormones which they are secrete during incremental exercise, and finally they have not significant effects on serum leptin. In general, results showed that exhaustive incremental exercise on serum leptin had not any effects in three measurement bouts.