The purpose of this study was to expore the relationships between fatigue, depression, and exercise capacity in hemodialysis patients. A descriptive and correlation study design was used. Using purposive sampling, 52 subjects were recruited from a medical center in southern Taiwan. Data were collected by the Fatigue Scale and Beck Depression Inventory. Exercise capacity was determined by the measurement of peak oxygen uptake, and by the patients' performance during a stationary bicycle exercise test. Results of the study showed that the average scores for fatigue and depression were within moderate degree. The mean exercise capacity was 10.93 ml /kg /min, and demonstrated the functional capacity was very poor. Age, body mass index (BMI), fatigue, and depression were significantly and negatively associated with exercise capacity, indicating that hemodialysis patients who had greater age, higher BMI, fatigue and depression had a lower exercise capacity. Age, BMI, and depression explain 37.3% of the total variance in exercise capacity. The study findings can help nurses develop nursing interventions for patients with hemodialysis to improve their exercise capacity.