Simple Summary: The ability of Merinos d'Arles ewes to quickly overcome undernutrition situations by efficiently using their body energy reserves was confirmed in this study. There is potential for a simplified ß-adrenergic challenge protocol helping to identify differences in adaptive capacity among individuals reared and fed under similar conditions in the same flock. Abstract: Shortage and refeeding situations lead to switches in metabolic pathways induced by undernutrition and body energy reserve (BR) replenishment cycles. In a 122-d experiment, 36 adult Merinos d'Arles ewes were chosen and first accustomed to diet ingredients (i.e., wheat straw, pelleted alfalfa and sugar beet pulp) and the facility environment for 22 d. Then, ewes were randomly assigned to one of three "diet challenge" treatments during 50 d, (control, underfed and overfed; 12 ewes each) corresponding to 100%, 70% or 160% of energy requirements allowances, respectively. Then, a "refeeding challenge" was applied the last 50 d (i.e., diets adjusted with the same ingredients). An individual monitoring of body weight (BW), body condition score (BCS) and energy metabolism was carried out. The last day, a "ß-adrenergic challenge" was applied. Anabolic or catabolic responses were accompanied by synchronized metabolic regulations, leading to contrasting metabolic and BR profiles. Average BW and BCS were higher and lower in overfed and underfed ewes, respectively, which was proportional to lower and higher BR mobilization dynamics. Higher plasma free fatty acids (FFA) were accompanied by lower blood insulin, leptin and glucose levels. After refeeding, a rebound in BW and BCS were observed, and FFA were drastically reduced in underfed ewes. No differences were detected in plasma FFA at the end of the study, but the lipolytic activity was different and contrasted with the adipose tissue mass.