Abstract. The aim of this study was to investigate the effects of inner and heard speech on cerebral hemodynamics and oxygenation in the anterior prefrontal cortex (PFC) using functional near-infrared spectroscopy and to test whether potential effects were caused by alterations in the arterial carbon dioxide pressure (PaCO 2 ). Twenty-nine healthy adult volunteers performed six different tasks of inner and heard speech according to a randomized crossover design. During the tasks, we generally found a decrease in PaCO 2 (only for inner speech), tissue oxygen saturation (StO 2 ), oxyhemoglobin (½O 2 Hb), total hemoglobin ([tHb]) concentration and an increase in deoxyhemoglobin concentration ([HHb]). Furthermore, we found significant relations between changes in ½O 2 Hb, [HHb], [tHb], or StO 2 and the participants' age, the baseline P ET CO 2 , or certain speech tasks. We conclude that changes in breathing during the tasks led to lower PaCO 2 (hypocapnia) for inner speech. During heard speech, no significant changes in PaCO 2 occurred, but the decreases in StO 2 , ½O 2 Hb, and [tHb] suggest that changes in PaCO 2 were also involved here. Different verse types (hexameter and alliteration) led to different changes in [tHb], implying different brain activations. In conclusion, StO 2 , ½O 2 Hb, [HHb], and [tHb] are affected by interplay of both PaCO 2 reactivity and functional brain activity. © The Authors. Published by SPIE under a Creative Commons Attribution 3.0 Unported License. Distribution or reproduction of this work in whole or in part requires full attribution of the original publication, including its DOI.