Evolutionary explanations of the adaptive value of animal characteristics are often expressed in energetic terms, but unless they are accompanied by demonstrations of limited energy availability, they remain speculative. In this review, we argue that metabolic power budgeting provides easily testable mechanisms through which energetically efficient attributes could become adaptive. Given each organism’s maximal aerobic (and metabolic) capacity, available metabolic power (energy use per unit time) is limited and must be partitioned between different processes. This leads to compromises among the major fitness functions of growth, locomotor activity, and reproductive investment. As examples of such conflicts, we examine the compromise among growth, reproduction, and predator avoidance in scallops, as well as the means whereby thermal limitations on oxygen uptake reflect the geographical distribution limits and associated energetic trade-offs of temperate zone and polar fishes. These examples show several means whereby the budgeting of aerobic power is implicated in the major fitness trade-offs faced by animals.