Mild-moderate equine asthma (MMEA) is common in performance horses with incidences up to 77% and 80% for sport and racehorses, respectively. MMEA is reported to result in sport and racehorse decreased performance through exacerbation of exercise-induced hypoxemia and is associated with pharyngeal instability, dorsal displacement of the soft palate and reduction in Thoroughbred speed figures. Definitive diagnosis of MMEA in performance horses is by bronchoalveolar lavage (BAL) fluid cytology and the BAL technique, sample collection, preparation and evaluation are well described. The focus of MMEA management is via a 3-pronged, tiered approach: 1) removal of triggering factors through environmental and dietary management, 2) reduction of lung inflammation through glucocorticoids, mast cell stabilizers, low dose interferon alpha and polyunsaturated omega-3 fatty acids, and 3) bronchodilators. Diagnosis and management of mild-moderate equine asthma offers an opportunity to holistically manage equine athletes presenting for elective surgery.