To compare the effect of hypoxia on ventilatory responses and respiratory sensation to carbon dioxide, 29 young adults were examined using a modified Read's rebreathing method with four experimental conditions. We used varying gas mixtures and kept PET(O2) constant at >300, 100, 80 and 60 mmHg for each four rebreathing tests. Respiratory sensation was measured by visual analog scale (VAS). The slope of the CO2-ventilation response curve increased significantly with hypoxia, confirming a positive ventilatory interaction between hypoxia and hypercapnia. However, the slope of the CO2-VAS response curve remained unchanged. The V(E)-VAS relation slope tended to become depressed with advancing hypoxia, i.e. the magnitude of VAS elicited by a given ventilation decreased with hypoxia, signifying that dyspneic sensation was effectively mitigated during hypoxic hyperventilation. We suggest that this relief of dyspneic sensation might be due to the inhibitory respiratory effect from augmented pulmonary stretch receptor (PSR) activity.