Using a double‐blind, placebo‐controlled crossover design, the effects of 48 h near complete energy restriction on endocrine regulators of appetite and satiety were assessed. Twelve men and one woman participated in this controlled, 2‐day diet intervention study. One experimental trial was completed in a calorie deprived state (CAL‐DEP; <10% of estimated energy requirements) and others in a fed condition (carbohydrate only and carbohydrate and fat; data were pooled and compared to CAL‐DEP). Test meals containing prescribed energy intake and indistinguishable in sensory characteristics were provided during each trial. Glucose, insulin, leptin, ghrelin, cortisol, dehydroepiandrosterone‐sulfate (DHEA‐S), and satiety were repeatedly assessed. Mean glucose, insulin, and leptin concentrations were lower (P < 0.0001) for CAL‐DEP compared to the fully fed (FED) state. Ghrelin and DHEA‐S were higher (P < 0.0001) for CAL‐DEP relative to FED. Cortisol levels declined each day regardless of diet (P < 0.0001) but were 32% higher (P < 0.01) at the conclusion of the session for CAL‐DEP compared to FED. Satiety was 25% lower (P < 0.0001) for CAL‐DEP relative to FED and decreased (P < 0.0001) over time regardless of diet. In the FED state, insulin (r = 0.55), glucose (r = 0.76), cortisol (r = −0.59), and DHEA‐S (r = −0.62) were associated (P < 0.05) with satiety, but not during CAL‐DEP. These findings show that 2 days of severe energy restriction alter several endocrine regulators of appetite independent of perception of increased hunger suggesting a physiological mechanism to explain overeating following acute periods of severe energy restriction.