〔Abstract〕 Objective To explore the application value of cardiopulmonary exercise test (CPET) in the exercise rehabilitation of patients with chronic heart failure (CHF). Methods Seventy-four patients with CHF admitted to the First Affiliated Hospital of Henan University from April 2018 to April 2020 were selected and divided into two groups according to the random number table method, 37 cases each in the control group and the observation group. The control group was given conventional treatment, and the observation group was treated with CPET-guided exercise rehabilitation on the basis of the control group. The cardiopulmonary function indexes [anaerobic threshold oxygen consumption (VO2AT), peak oxygen consumption (peak VO2)] and quality of life levels of the patients in the two groups before and after treatment were compared. Results The differences in VO2AT, peak VO2, and Minnesota Heart Failure Quality of Life Questionnaire (MLHFQ) scores before treatment between the two groups were not statistically significant (P > 0.05). The levels of VO2AT and peak VO2 were higher and the MLHFQ scores were lower in the observation group than in the control group after treatment, and the differences were statistically significant (P < 0.05). Conclusion Cardiopulmonary exercise test has positive application value in the rehabilitation exercise of CHF patients, and its guided exercise rehabilitation treatment can improve patients' cardiopulmonary function and contribute to the improvement of quality of life.