This study examined the contributions of individual muscles to changes in energetic cost of transport (COT) over seven walking speeds, and compared results between healthy young and elderly subjects. Twenty six participants (13 young aged 18–30; 13 old aged 70–80) were recruited. COT (O2/kg body mass/km) was calculated by standardizing the mean oxygen consumption recorded during steady state walking. Electromyography signals from 10 leg muscles were used to calculate the cumulative activity required to traverse a unit of distance (CMAPD) for each muscle at each speed. In the old group CMAPD was correlated with COT, presented higher and more variable values, and showed greater increases around optimal speed for all studied muscles. Soleus CMAPD was independent of speed in the young group, but this was not evident with aging. Greater energy cost of walking in older individuals seems to be attributable to increased energy cost of all lower limb muscles.