The present study tested the hypothesis that multi-frequency bioelectrical impedance analysis (MFBIA) can be used to provide reasonable estimates of body mass, total body water (TBW), extracellular fluid volume (ECFV) and plasma volume (PV) at rest, during exercise-induced dehydration and subsequent recovery. Seven exercise-conditioned horses were administered indicators for measurement of resting TBW, ECFV and PV. MFBIA measurements at 24 frequencies between 5 and 280 kHz were obtained at rest, during prolonged submaximal exercise and for up to 13 h of recovery with food and water provided. Impedance–frequency response curves were described by a double-exponential decay equation from which coefficients were used, together with height and length, to generate predictive equations for estimating body mass, TBW, ECFV and PV. Predictive equations for body mass, ECFV and PV provided reasonable estimates of the parameter at rest and during exercise and recovery that were within 6% of absolute values determined using indicators. Despite the inherent error in estimating absolute volumes, the technique allowed accurate (within 1%) determination of the change in compartment volumes within individual horses over time. The number of frequencies at which impedance was measured could be reduced to seven without sacrificing the accuracy of the impedance–frequency relationships or the predictive equations – this enabled a 70% reduction in data-acquisition time (to ∼35 s) for each MFBIA measurement series. It is concluded that MFBIA can be used in individual horses to track changes in compartmental hydration status resulting from dehydration and rehydration.