The sport results or exercise achievements of Lipizzaner horses are rarely considered, as their involvement in equestrian sports is rare. As a result, norms for evaluation of their fitness level during training or performance have not yet been determined. The aim of this study was to determine the basal values of various physiological parameters (heart rate (HR), respiration rate (RR), body and skin temperatures) and their acclimatisation to a graded exercise load. The study was performed with a group of 6 purebred Lipizzaner horses with an average age of 9 years. It consisted of two trials (spring, autumn) of exercise test, including lunging at a walk, trot and canter. The physiological values were measured before and after exercise, and were within the normal ranges for warm-blooded horses in both trials. A gradual increase in HR and significant positive correlations between HR and speed were determined in the Lipizzaners during the exercise tests in both trials, which was followed by a gradual increase in RR, rectal temperature and the skin temperature in various body regions. The time to reach resting HR after exercise was longer in spring than in autumn. Resting RRs and rectal temperatures were reached at the time to reach resting HR. Differences between the resting skin temperatures of various body regions were determined in both trials. Following the exercise test, the skin temperatures of all regions were significantly higher when compared to the resting values, and decreased thereafter during the recovery time in autumn, but remained almost unchanged in spring. The study contributes to knowledge about thermoregulation and the response of the cardiovascular and respiratory parameters of horses. The results are not only a presentation of physiological responses to graded exercise in Lipizzaner horses, but may be accepted as an important contribution to sports physiology and medical knowledge about horses in general, representing a basis for further research in the field of exercise tests and sports medicine.