Ventilating footwear provides air circulation under and around the foot. Apertures in the heel and/or sole and/or midsole communicate with an air compartment in the heel and/or sole and/or midsole, and as the wearer strides, the heel and/or sole and/or midsole are compressed, expelling the air from the compartment and into the footwear upper. The top side surface of the sole or midsole may also be provided with a plurality of air channels which direct and circulate air from the compartment around and underneath the wearer's foot. The footwear may also provide shock absorbence and energy return through the compressible heel and/or sole and/or midsole, and may have a rigid or semi-rigid midsole, which provides support, as well as cushioning below the midsole for comfort.