BACKGROUND: Adiponectin is considered an important factor in the pathogenesis of cardiovascular and metabolic diseases, due to its anti- atherogenic and anti-inflammatory properties. Few studies, however, have suggested the existence of a direct association between adiponectin levels and cardiorespiratory fitness and physical activity levels. OBJECTIVE: To verify the influence of the nutritional status and cardiorespiratory fitness on plasma adiponectin levels in adult men. METHODS: A total of 250 subjects, all in active duty in the Brazilian Army (BA), with a mean age of 42,6 ± 4,8 years volunteered to participate in the study. Plasma levels of adiponectin were measured, as well as body mass, height, waist circumference (WC), fat percentage by hydrostatic weighing and VO2max by ergospirometry. A questionnaire was used to obtain the characteristics of the physical training performed by the individuals. RESULTS: The sample showed that 121 (48%) individuals were overweight and 36 (14%) were obese. Moreover, 66 individuals (27%) had a body fat percentage > 25% and 26,7% had a WC > 94 cm. Overweight and obese individuals had significantly lower adiponectin levels than those with an adequate nutritional status. Individuals at the highest tertile of VO2max had higher adiponectin levels than the others. The adiponectin levels were positively correlated with the total weekly physical training time and VO2max and inversely correlated with body mass, BMI and WC. The correlation between adiponectin levels and VO2max did not remain significant after being adjusted for BMI and WC. CONCLUSION: Individuals with better cardiorespiratory fitness and normal nutritional status seem to present healthier levels of adiponectin.