Background: While the popularity of aquatic physical activities continues to grow among women, the effects on energy expenditure (EE) and appetite control remain unknown. The objective of this study was to examine the effect of water temperature during aqua-cycling session on EE, rate of perceived exertion, energy intake, appetite sensations, and food reward in healthy premenopausal women. Methods: Participants completed three experimental sessions, in the postprandial condition, in a randomized order: a land control session (CON), an aqua-cycling session in 18 °C (EXO18), and an aqua-cycling session in 27 °C (EXO27). The EE, food intake, appetite sensations, and food reward were investigated for each condition. Results: EXO18 induced a significant increase in EE ( p < .001) and oxygen consumption ( p < .01) compared with EXO27. The carbohydrate oxidation was higher in EXO18 session compared with EXO27 and CON ( p < .05 and p < .001, respectively). While fat oxidation was higher in exercise sessions compared with CONT ( p < .01), no difference was observed between EXO18 and EXO27. Exercise sessions did not alter absolute energy intake session but induced a decrease in relative energy intake ( p < .001) and in hunger, desire to eat, and prospective food consumption compared with CON ( p < .001). The authors also show here that cold-water exposure can increase EE while rate of perceived exertion is lower at the end of exercise session compared with same exercise at 27 °C ( p < .05). Conclusion: An exposure to a moderately cold-water during aqua-cycling is an efficient strategy to promote increased EE and decreased hunger, which may be effective for energy balance management in healthy premenopausal women.