The presence of pharmaceuticals in water bodies is associated with the increasing consumption of these substances and limited elimination from wastewater. Pharmaceutical residues and their metabolites may have an unfavorable impact on fish and other aquatic biota. As the purification of wastewater from tramadol is very limited and the knowledge on its effects on non-target organisms is low, we decided to assess the subchronic impact of tramadol hydrochloride on fish—on the mortality, growth and histopathology, together with the impact on selected indices of oxidative stress. The juvenile growth toxicity test was carried out on zebrafish (Danio rerio), in accordance with the Organisation for European Economic Cooperation Guidelines 215 (Fish, Juvenile Growth Test). The fish were exposed to a range of tramadol hydrochloride concentrations (0.2, 2, 20, 200 and 600 µg/L) for 28 days. The outcome of this study suggests that chosen concentrations of tramadol hydrochloride did not affect either mortality or growth (regarding weight, length and specific growth rate). However, the results of this study indicate that 28-day exposure can negatively influence selected indices of oxidative stress, which is a harmful imbalance between free radicals and antioxidants in an organism. A significant increase was observed in glutathione S-transferase activity in the experimental group exposed to 2 µg/L tramadol hydrochloride, compared to the control. Moreover, lipid peroxidation was observed in groups exposed to 20 and 200 µg/L, in comparison to the control.