This paper quantifies the relationship between respiratory allocation (air vs. water) and the standard rate of metabolism (SMR) in the primitive air-breathing lungfish, Protopterus aethiopicus. Simultaneous measurements of oxygen consumed from both air and water were made to determine the SMR at ecologically relevant aquatic oxygen levels for juveniles 2 to 221 g. Total metabolic rate was positively correlated with body mass with a scaling exponent of 0.78. Aerial oxygen consumption averaged 98% (range=94% to 100%) of total respiratory allocation under low aquatic oxygen levels. Measurements of oxygen consumption made across a gradient of dissolved oxygen from normoxia to anoxia showed that P. aethiopicus maintains its SMR despite a change in respiratory allocation between water and air.