Changes in lung function after exercise in healthy primary school children have mostly been described in field studies. More complete description and insight into relevant mechanisms may be provided in lung function laboratory. The aim was to describe airway caliber and response to deep inhalation (DI) after exercise in healthy primary school children. Respiratory resistance (Rrs) by the forced oscillation technique and spirometry were measured before and after exercise in 50 healthy primary school children. The Rrs response to DI was assessed in 31 subjects, assuming a significantly larger decrease in Rrs after exercise would attest relief of exercise-induced airway smooth muscle contraction. Measurements were taken before, 5 min (E5) and 15 min (E15) after exercise. Significantly larger Rrs and lower forced expiratory volume in 0.5 s were observed at E5 versus baseline or E15 (p < 0.05). DI induced significant decrease in Rrs (p = 0.01) that was not different between E5 and baseline. Healthy primary school children exhibit changes in Rrs and spirometry after exercise indicating small but significant airway narrowing. The response to DI similar at baseline and E5 suggests airway narrowing from hyperemia in the bronchial wall rather than airway smooth muscle constriction.