The aim of this study was to compare acute affective responses at exercise intensities based on the ventilatory threshold between normal weight, overweight, and obese women. 66 sedentary women (22 in each Body Mass Index group) performed a maximal graded treadmill test to measure their maximal oxygen uptake and ventilatory thresholds. Affective valence was compared at intensities spanning the ventilatory threshold (below, at, and above threshold). Affective valence below ventilatory threshold did not differ among the Body Mass Index groups. The obese group had a lower affective response at ventilatory threshold and above ventilatory threshold than the normal weight and overweight groups; the latter two groups did not differ. The obese group had a lower affective response than the normal and overweight groups, which corresponds to a less pleasant experience. Exercise prescriptions for obese subjects targeting intensities below ventilatory threshold can provide a more pleasant experience and may facilitate exercise adherence.