Background: This study investigated the diurnal variation in endurance performance and the corresponding ventilatory/metabolic responses during a maximal incremental cycling test. Methods: Thirty physically active young men (age = 23.5 ± 2.2 years; weekly exercise volume: ≥6 h·wk⁻¹) with regular daily routines were recruited for a randomized crossover study. Each participant completed two maximal incremental cycling tests to volitional exhaustion: one in the morning (07:00–09:00) and another in the evening (17:00–19:00). The two sessions were separated by a one-week washout period. Key ventilatory and metabolic variables, including maximal voluntary ventilation (MVV) and maximal oxygen uptake (VO_2max), were continuously measured, and time to exhaustion (TTE) was monitored. Paired-samples t-tests were used to compare morning versus evening outcomes. Results: Key performance and physiological variables, including MVV (p < 0.01), VO_2max (p < 0.01), and TTE (p < 0.01), were significantly improved in the evening as compared to the morning. Conclusions: Both ventilatory/metabolic function and endurance performance during a maximal incremental cycling test induce a pronounced diurnal rhythm in trained young men, with superior outcomes observed in the evening.