Purpose: There is debate as to which environmental intervention produces the most benefit for team sport athletes, particularly comparing heat and altitude. This quasi-experimental study aimed to compare blood volume (BV) responses with heat and altitude training camps in Australian footballers. Methods: The BV of 7 professional Australian footballers (91.8 [10.5] kg, 191.8 [10.1] cm) was measured throughout 3 consecutive spring/summer preseasons. During each preseason, players participated in altitude (year 1 and year 2) and heat (year 3) environmental training camps. Year 1 and year 2 altitude camps were in November/December in the United States, whereas the year 3 heat camp was in February/March in Australia after a full exposure to summer heat. BV, red cell volume, and plasma volume (PV) were measured at least 3 times during each preseason. Results: Red cell volume increased substantially following altitude in both year 1 (d = 0.67) and year 2 (d = 1.03), before returning to baseline 4 weeks postaltitude. Immediately following altitude, concurrent decreases in PV were observed during year 1 (d = −0.40) and year 2 (d = −0.98). With spring/summer training in year 3, BV and PV were substantially higher in January than temporally matched postaltitude measurements during year 1 (BV: d = −0.93, PV: d = −1.07) and year 2 (BV: d = −1.99, PV: d = −2.25), with year 3 total BV, red cell volume, and PV not changing further despite the 6-day heat intervention. Conclusions: We found greater BV after training throughout spring/summer conditions, compared with interrupting spring/summer exposure to train at altitude in the cold, with no additional benefits observed from a heat camp following spring/summer training.