We compared the effects of short-term, perceptually regulated training using interval-walking in hypoxia vs. normoxia on health outcomes in overweight-to-obese individuals. Sixteen adults (body mass index = 33 ± 3 kg·m^-2) completed eight interval-walk training sessions (15 × 2 min walking at a rating of perceived exertion of 14 on the 6-20 Borg scale; rest = 2 min) either in hypoxia (FiO₂ = 13.0%) or normoxia during two weeks. Treadmill velocity did not differ between conditions or over time (p > 0.05). Heart rate was higher in hypoxia (+10 ± 3%; p = 0.04) during the first session and this was consistent within condition across the training sessions (p > 0.05). Similarly, arterial oxygen saturation was lower in hypoxia than normoxia (83 ± 1% vs. 96 ± 1%, p < 0.05), and did not vary over time (p > 0.05). After training, perceived mood state (+11.8 ± 2.7%, p = 0.06) and exercise self-efficacy (+10.6 ± 4.1%, p = 0.03) improved in both groups. Body mass (p = 0.55), systolic and diastolic blood pressure (p = 0.19 and 0.07, respectively) and distance covered during a 6-min walk test (p = 0.11) did not change from pre- to post-tests. Short term (2-week) perceptually regulated interval-walk training sessions with or without hypoxia had no effect on exercise-related sensations, health markers and functional performance. This mode and duration of hypoxic conditioning does not appear to modify the measured cardiometabolic risk factors or improve exercise tolerance in overweight-to-obese individuals.