Taekwondo has evolved into a modern-day Olympic combat sport. The physical and physiological demands of modern-day taekwondo competition require athletes to be competent in several aspects of fitness. This review critically explores the physical and physiological characteristics of taekwondo athletes and presents implications for training and research. International taekwondo athletes possess low levels of body fat and a somatotype that characterises a blend of moderate musculoskeletal tissue and relative body linearity. While there is some variation in the maximum oxygen uptake of taekwondo athletes, moderate to high levels of cardio-respiratory fitness are necessary to support the metabolic demands of fighting and to facilitate recovery between consecutive matches. Taekwondo athletes demonstrate high peak anaerobic power characteristics of the lower limbs and this attribute appears to be conducive to achieving success in international competition. The ability to generate and sustain power output using both concentric and ‘stretch-shortening cycle’ muscle actions of the lower limbs may be important to support the technical and tactical actions in combat. Taekwondo competitors also display moderate to high maximum dynamic strength characteristics of the lower and upper extremities, and moderate endurance properties of the trunk and hip flexor musculature. The dynamic nature of the technical and tactical actions in the sport demand high flexibility of the lower limbs. More extensive research is required into the physical and physiological characteristics of taekwondo athletes to extend existing knowledge and to permit specialised conditioning for different populations within the sport.