Psychological and physiological markers have been used to maximize competitive sport preparation. The aim of the present study was to evaluate the effects of two months of training and competitions on mood states and salivary cortisol diurnal variation in 15 female elite water polo players. The results demonstrated that the β coefficient values of the regression slope of cortisol values on sampling time was significantly flatter following the training period. The values of the area under the cortisol curve (AUC) 'with respect to ground' (AUCg) and those of the β coefficients of the slope of the diurnal change in cortisol levels were highly negatively correlated. The slope correlated positively with the dysfunctional Profile of Mood States scale and negatively with the functional scale. AUCg correlated negatively with dysfunctional factors and positively with the vigor index. These findings support the hypothesis that subclinical hypocortisolism and a flattened diurnal rhythm of cortisol may play a role in determining dysfunctional mood states.