Background: Increases in seawater temperatures and in the frequency and severity of hypoxic events are expected with climate change, and may become a challenge for cultured Atlantic salmon and negatively affect their growth, immunology and welfare. Thus, we examined how an incremental temperature increase alone (Warm & Normoxic-WN: 12→20°C; 1°C week-1), and in combination with moderate hypoxia (Warm & Hypoxic-WH: ~70% air saturation), impacted salmon’s hepatic transcriptome expression compared to control fish (CT: 12°C, normoxic) using 44K microarrays and qPCR. Results: Overall, we identified 2,894 differentially expressed probes (DEPs, FDR < 5%), that included 1,111 shared DEPs, while 789 and 994 DEPs were specific to WN and WH fish, respectively. Pathway analysis suggested that the cellular mechanisms affected by the two experimental conditions were quite similar, with up-regulated genes functionally associated with heat shock response, ER-stress, apoptosis and immune defence, while genes connected with general metabolic processes, proteolysis and oxidation-reduction were largely suppressed. The qPCR assessment of 41 microarray-identified genes validated that the heat shock response (hsp90aa1, serpinh1), apoptosis (casp8, jund, jak2) and immune responses (apod, c1ql2, epx) were up-regulated in WN and WH fish, while oxidative stress and hypoxia sensitive genes were down-regulated (cirbp, cyp1a1, egln2, gstt1, hif1α, prdx6, rraga, ucp2). However, the additional challenge of hypoxia resulted in more pronounced effects on heat shock and immune-related processes, including a stronger influence on the expression of 14 immune-related genes. Finally, robust correlations between the transcription of 19 genes and several phenotypic traits in WH fish suggest that changes in gene expression were related to an impaired physiological and growth performance. Conclusion: Increasing temperature to 20°C alone, and in combination with hypoxia, resulted in the up- and down-regulation of genes involved in similar important pathways in Atlantic salmon. However, the heat shock and immune responses of fish exposed to 20°C and hypoxia were more affected, and their transcriptional dysregulation was related to reduced performance. This study provides valuable information on how these two environmental challenges affect the expression of stress-, metabolic- and immune-related genes and pathways and identifies potential biomarker genes for improving our understanding of fish health and welfare.