Muscle O2 dynamics during ramp cycling exercise were compared between angina pectoris patients (AP; n = 7, age: 73 ± 6 years) after coronary artery bypass grafting and age-, height-, and body weight-matched elderly control subjects (CON; n = 7, age: 74 ± 8 years). Muscle O2 saturation (SmO2) and relative change in deoxygenated (Δdeoxy-Hb) and total hemoglobin concentration (Δtotal-Hb) were measured continuously during exercise in the vastus lateralis (VL) by near infrared spatial resolved spectroscopy. Pulmonary O2 uptake (VO2) was also monitored throughout exercise to determine peak VO2. In AP, SmO2 was significantly higher, and Δdeoxy-Hb was significantly lower during exercise, compared to CON. In all subjects, ΔSmO2 (values at peak exercise minus values at resting) was negatively correlated to peak VO2 (r = −0.52, p < 0.05), and Δdeoxy-Hb at peak exercise tended to be negatively associated with peak VO2 (r = 0.48, p = 0.07). Blunted skeletal muscle deoxygenation response was observed in AP patients, which may be related to lower aerobic capacity in AP patients.