Objectives The effects of different mixtures of refined materials on improving the exercise performance of Yunnan horses for riding were analyzed to screen out a relatively better formula of refined materials. Methods 18 healthy and similarly trained Yunnan horses for riding (horses tested were all mares with a body weight of 130-180 kg, age of 6-9 years, and height of 100-120 cm) were divided into 6 groups with randomized block design method, with 3 horses in each group for feeding experiments. Under feeding the same roughage, horses were fed with six mixtures of refined materials with energy level of 13.79, 13.38, 12.96, 12.54, 12.69, 12.12 MJ/kg and the content of protein of 17.51%, 16.01%, 14.51%, 13.01%, 12.32%, and 11.50%, respectively. The respiratory rate, heart rate, and rectal temperature were measured immediately, 10 minutes, and 20 minutes after 5 km of exercise in the first stage (1-7 days), second stage (8-14 days), and third stage (15-21 days) of the experiment, respectively. Results In the first stage of immediately after exercise, horses in group Ⅱ had the lowest respiratory rate. In the second stage, the rectal temperature of horses in group Ⅱ was the lowest, 0.37, 0.27, 0.33, 0.55, 0.60 ℃ lower than that in group Ⅰ, Ⅲ, Ⅳ, Ⅴ and Ⅵ, respectively. In the first stage of 10 min after exercise, the heart rate of horses in group Ⅰ, Ⅲ, Ⅳ, Ⅴ and Ⅵ was significantly higher than that in group Ⅱ. In the second stage of 10 min after exercise, the respiratory rate of horses in group Ⅱ was 0.66, 5.00, 7.33 times /min lower than that in group Ⅰ, Ⅴ and Ⅵ, respectively. In the third stage of 20 min after exercise, the respiratory rate of horses in group Ⅱ was 0.33 beats /min lower than that in group Ⅰ. Conclusions The mixture of refined materials in group Ⅱ with an energy level of 13.38 MJ/kg and the content of protein of 16.01% had a positive effect on improving the exercise performance of Yunnan horses for riding.