The purpose of this study was to investigate the relationship between iron deficiency without anemia and physical performance in healthy women aged 20-21 yrs. Ten subjects with normal iron stores (serum ferritin $geq$ 12$mu extrm{g}$/L: iron-sufficient group) and 11 subjects with iron depletion without anemia (serum ferritin < 12 $mu extrm{g}$/L and serum hemoglobin > 120 g/L: iron-depleted group) were chosen from a group of 50 women and were given physical-performance tests, including determinations of maximum oxygen consumption (VO$_2$ max) and ventilatory threshold. Iron status assessment included determination of hemoglobin, hematocrit, seam ferritin, total iron-binding rapacity, serum iron and transferrin saturation values. Dietary iron intake was assessed based on seven-day food intake records written by the subjects. Physical activity level was estimated by frequency questionnaires and two-week physical activity records were compiled daily by the subjects. Blood ferritin concentration was significantly lower in the iron-depleted group than in the iron-sufficient group (p < 0.05). However, other variables showing iron status was not different between the groups. There were no significant differences in body size, body composition and physical activity levels between the groups. Daily dietary iron, total protein and animal protein intakes of the iron-sufficient group were significantly higher than those of the iron depleted group. However, no differences were found in the amount of dietary vitamin C and fiber between the groups. The values for VO$_2$max and VO$_2$max corrected with weight or fat-free mass were not different between the groups. However, the ventilatory threshold was significantly higher in the iron sufficient group than in the iron-depleted group. The lower ventilatory threshold in the iron-depleted group suggests that iron depletion without anemia could diminish aerobic physical performance in young women. In addition, a significant correlation of physical performance to serum fferritin level was shown only in the iron depleted group.