Abstract: An aerated shoe with cushioning effect includes a double sole (3, 5) with border (10) defining a hollow space between the two soles. The lower sole (5) does not have holes; the upper sole (3) has holes or micro-holes, allowing the passage of the atmospheric air towards the shoe interior, air which first crossed through the slits (12) on the border (10). Elements (7) are provided between the soles for ensuring the suspension and the movement of the air (ventilation) during walking. An air flow regulator, lockable in the desired position, selectively opens the slits (12). The regulator is preferably inserted in a continuous perimeter slot (11) of the border (10). The shoe ensures a natural entering/exiting air flow, quantifiable in a precise manner.