Abstract: The aquatic environment presents daily and/or seasonal variations in dissolved oxygen (DO) levels. Piava faces different DO levels in the water due to its distributional characteristics. The goal of this study was to describe the effects of low DO levels on plasma ion, biochemical and oxidative variables in piava juveniles. Fish were exposed to different DO levels, including 1.0, 2.0, 3.0, 4.0 and 5.0 mg L-1 of DO for 96 h, after which blood and tissue samples (liver, kidney, gill and muscle) were collected. The decrease in DO levels decreased plasma Na+, Cl-, K+ and NH3 levels as well as protein and glycogen levels in the liver, kidney and muscle; increased Na+/K+-ATPase activity in the gills and kidney as well as glucose and ammonia levels in the liver, kidney and muscle; and increased lactate levels in the kidney and muscle. Thiobarbituric acid-reacting substances, catalase and non-protein thiol levels decreased in the tissues of piavas exposed to low DO levels. It is concluded that piava can apparently cope with hypoxic conditions; however, low DO levels are a stressor, and the tolerance of piava to hypoxia involves iono-regulatory, metabolic and oxidative adjustments.