Maximal effort on a 30 km Time Trial (TT₃₀) was examined to assess whether it would elicit changes in objective and subjective tests of the participants’ perception of the environment and their ability to anticipate future occurrences (situation awareness; SA) and to determine the effect of post-exercise recovery on SA. Nine experienced (5.22 ± 2.77 years) road cyclists had their objective and subjective levels of SA assessed prior to and at the completion of two TT₃₀. The participants’ results were compared to measurements of maximal oxygen uptake (VO₂max), peak power output (PPO), age and years of competitive cycle racing experience. Fatigue resulting from maximal effort on a TT₃₀ produced significant changes in both the objective and subjective test of SA. Effect sizes of 0.93 and 0.99 indicated that the first and second TT₃₀ were likely or almost certain to have a beneficial effect on the objective assessment of SA. However, the effect sizes of 0.97 and 0.95 relating to the subjective assessment of cognitive performance on the first and second TT₃₀ showed that it was very likely the participants’ had an increased difficulty in maintaining SA. A recovery period of up to three minutes post TT₃₀ had no effect on SA. Changes in SA had no relationship with measurements of VO₂max, peak power output (PPO), age and years of competitive cycle racing experience. The findings suggest that within a laboratory environment, participants consistently underestimate their ability to make accurate assessments of their cycling environment compared to objective measures of their SA.