This study evaluated the effect of high or low digestible energy ratio of carbohydrate in a high or normal dietary energy density on performance, amino acid utilization and intestinal functions of weaned piglets. A total of 32 healthy weaners (9.60 ± 0.13 kg) were allocated to two dietary energy densities (3,400 and 3,800 kcal/kg) and two digestible energy ratio of carbohydrate to fat (9:1 and 3:1) in a 2 × 2 factorial arrangement. There were eight piglets per treatment. The feed intake of piglets was significantly increased by dietary high carbohydrate ratio (9:1) (p < 0.01); however, this did not result in improved body weight gain (p > 0.05). The piglets fed high carbohydrate energy ratio had a reduced villus height/crypt depth (VH/CD) ratio in the duodenum (p < 0.05), and dietary high energy density further decreased the VH/CD ratio in the ileum (p < 0.01). In the duodenum, the lymphocyte count was increased by dietary high energy density (p < 0.05), while dietary energy density and carbohydrate energy ratio interacted to increase lymphocyte count in the ileum (p < 0.05). The serum cholesterol, triglyceride and low‐density lipoprotein were not significantly affected (p > 0.05), but dietary energy density interacted with dietary energy ratio to increase high‐density lipoprotein concentration (p < 0.05) in piglets fed reduced carbohydrate energy ratio. Dietary high energy density reduced energy digestibility (p < 0.05), whereas high carbohydrate energy ratio increased crude protein digestibility in the piglets (p < 0.05). The intestinal sucrase, lactase activities and serum concentrations of histidine, leucine, lysine, methionine, phenylalanine, alanine, glycine, tyrosine and citrulline were higher in the piglets fed dietary increased carbohydrate energy ratio. Oxidative stress markers and volatile fatty acids concentrations were altered by the dietary treatments. It was concluded that dietary high energy density could be detrimental to piglets intestinal functions and that increased carbohydrate energy ratio could affect amino acid utilization and body weight gain in weaner pigs.