A computer-implemented exercise load estimation method comprising: a measurement step of measuring a heart rate of a target person who exercises; and an estimation step of estimating an exercise load on the target person based on the measured heart rate and a length of a measurement period in which the heart rate was measured, the estimation step including: an exercise intensity calculation step of calculating an exercise intensity of the target person from the heart rate measured in the measurement step; and an exercise load calculation step of calculating the exercise load based on the calculated exercise intensity and the length of the measurement period, wherein the measurement step includes a first extraction step of extracting a maximum heart rate of the target person in the measurement period from the measured heart rate, and in the exercise intensity calculation step, the exercise intensity is calculated from the maximum heart rate, characterized in that the measurement step includes a second extraction step of extracting an average heart rate of the target person in the measurement period from the measured heart rate, in the exercise intensity calculation step, the exercise intensity is calculated from the average heart rate, the estimation step further includes a correction step of correcting a value of the exercise load calculated in the exercise load calculation step, and in the correction step, the value of the exercise load is corrected based on a relationship between the exercise load calculated in the exercise load calculation step, and a predicted exercise load, which is stored in advance in a storage unit, based on a rating of perceived exertion representing an exercise intensity perceived by the target person. a measurement step of measuring a heart rate of a target person who exercises; and an estimation step of estimating an exercise load on the target person based on the measured heart rate and a length of a measurement period in which the heart rate was measured, the estimation step including: an exercise intensity calculation step of calculating an exercise intensity of the target person from the heart rate measured in the measurement step; and an exercise load calculation step of calculating the exercise load based on the calculated exercise intensity and the length of the measurement period, wherein the measurement step includes a first extraction step of extracting a maximum heart rate of the target person in the measurement period from the measured heart rate, and in the exercise intensity calculation step, the exercise intensity is calculated from the maximum heart rate, characterized in that the measurement step includes a second extraction step of extracting an average heart rate of the target person in the measurement period from the measured heart rate, in the exercise intensity calculation step, the exercise intensity is calculated from the average heart rate, the estimation step further includes a correction step of correcting a value of the exercise load calculated in the exercise load calculation step, and in the correction step, the value of the exercise load is corrected based on a relationship between the exercise load calculated in the exercise load calculation step, and a predicted exercise load, which is stored in advance in a storage unit, based on a rating of perceived exertion representing an exercise intensity perceived by the target person. an exercise intensity calculation step of calculating an exercise intensity of the target person from the heart rate measured in the measurement step; and an exercise load calculation step of calculating the exercise load based on the calculated exercise intensity and the length of the measurement period, wherein the measurement step includes a first extraction step of extracting a maximum heart rate of the target person in the measurement period from the measured heart rate, and in the exercise intensity calculation step, the exercise intensity is calculated from the maximum heart rate, characterized in that the measurement step includes a second extraction step of extracting an average heart rate of the target person in the measurement period from the measured heart rate, in the exercise intensity calculation step, the exercise intensity is calculated from the average heart rate, the estimation step further includes a correction step of correcting a value of the exercise load calculated in the exercise load calculation step, and in the correction step, the value of the exercise load is corrected based on a relationship between the exercise load calculated in the exercise load calculation step, and a predicted exercise load, which is stored in advance in a storage unit, based on a rating of perceived exertion representing an exercise intensity perceived by the target person.