To investigate the effects of hypoxia exposure and subsequent normoxic recovery on growth performance, energy metabolism and oxidative stress of juvenile Mugil cephalus, the dissolved oxygen content (DO, mean±SE) of the aquarium was controlled at hypoxia (1.66±0.41), moderate hypoxia (4.35±0.53), saturation (7.03±0.36) mg/L, respectively, for 10 days and then recovery to normoxic state 7.0 mg/L for 30 days. Specific growth rate, oxygen consumption rate, ammonia excretion rate, O:N ratios and oxidative stress indicators, including the content of T-AOC,SOD, ASOR, MDA, LD,T-GSH, GSSG, and GSH in the plasma, muscle, liver and gill were measured. The results showed that hypoxia exposure for 10 days generally decreased the levels of body weight, specific growth rate, oxygen consumption and ammonia excretion rate of juvenile fish. Fish experienced moderate hypoxia would achieve completely compensatory growth in a short period with normal dissolved oxygen content. But fish under hypoxia conditions had non-compensatory growth. Hypoxia and recovery had a great influence on the oxidative stress indicators. Hypoxia stimulated increases in the activities of lactic acid (LD) levels in blood, activities of superoxide dismutase (SOD) in muscle and liver, activities of anti-superoxide anion (ASOR) in gill, which supported the idea that anticipatory preparation takes place in order to deal with the oxidative stress that will occur during reoxygenation. Meanwhile the SOD activity in blood, muscle, liver and activities of ASOR in muscle, liver increased at different phases during reoxygenation, indicating that the oxidative stress during normoxic recovery was intense. GSH level in liver was elevated under recovery which appears to trigger the protection mechanism. Hypoxia and reoxygenation also significantly increased MDA level in liver and gill, and it seems that hypoxia may cause lipid peroxidation damage in liver and gill.