An exercise test evaluation system includes an acceleration sensor that is worn by a user during an exercise test and acquires acceleration values of a foot of the user, a heart rate sensor that is worn by the user and measures a heart rate of the user, and a processor. The processor acquires a first maximum acceleration value and a second maximum acceleration value, calculates a reliability score using the first and second maximum acceleration values, acquires a walking velocity and a heart rate of the user and estimates a maximum oxygen intake amount using the user's walking velocity and heart rate if the reliability score is equal to or higher than a specific threshold value, and estimates the maximum oxygen intake amount using the user's walking velocity if the reliability score is lower than the specific threshold value.