The present study investigated the effects of a combined hot and hypoxic environment on muscle oxygenation during repeated 15-s maximal cycling sprints. In a single-blind, cross-over study, nine trained sprinters performed three 15-s maximal cycling sprints interspersed with 7-min passive recovery in normoxic (NOR; 23™ƒ, 50%, FiO₂ 20.9%), normobaric hypoxic (HYP; 23™ƒ, FiO₂ 14.5%), and hot normobaric hypoxic (HH; 35™ƒ, FiO₂ 14.5%) environments. Relative humidity was set to 50% in all trials. The vastus lateralis muscle oxygenation was evaluated during exercise using near-infrared spectroscopy. The oxygen uptake (VO₂) and arterial oxygen saturation (SpO₂) were also monitored. There was no significant difference in peak or mean power output among the three conditions. The reduction in tissue saturation index was significantly greater in the HH (-17.0 ± 2.7%) than in the HYP (-10.4 ± 2.8%) condition during the second sprint (p < 0.05). The average VO₂ and SpO₂ were significantly lower in the HYP (VO₂ = 980 ± 52 mL/min, SpO₂ = 82.9 ± 0.8%) and HH (VO₂ = 965 ± 42 mL/min, SpO₂ = 83.2 ± 1.2%) than in the NOR (VO₂ = 1149 ± 40 mL/min, SpO₂ = 90.6 ± 1.4%; p < 0.05) condition. In conclusion, muscle oxygen saturation was reduced to a greater extent in the HH than in the HYP condition during the second bout of three 15-s maximal cycling sprints, despite the equivalent hypoxic stress between HH and HYP.