The objective of this study was to investigate the effect of functional shoes at walking exercise on physiological factors and exercise utility functions. Twelve healthy women aged 30 - 40years were participated in this study. They were divided into three groups: S1 shoes group, S3 shoes group, and general shoes group. They walked on treadmill with 60%VO2max validities for 50 min. The results were followed: 1. Heart rate of three groups were all increased. However, the heart rates of S1, S3 shoes group were higher than the heart rate of general shoes group. 2. Oxygen uptake and calorie consumption were not different within groups. But calorie consumptions of S1, S3 were higher than general shoes group. 3. Lactic acid was significantly increased after exercise but there was no difference within groups. 4. There were no significant changes on human growth hormone and estradiol after exercise and there were no differences within groups. 5. Testosterone was significantly increases after exercise and there was significant difference between groups. 6. There was no difference on Cortisol level between groups. In conclusion, functional shoes were effective on energy consumption and produce less fatigue with walking exercise.