Deoxygenation or loss of dissolved oxygen (O
2
) from the open oceans is caused by higher temperatures, changes in circulation and stratification, and alteration of biological processes, all ultimately due to increasing atmospheric carbon dioxide (CO
2
) and other greenhouse gases. Coastal waters are also losing O
2
because of excess nutrients from terrestrial runoff. Deoxygenation and the spreading of oxygen minimum zones seem to have already caused the geographical range of hypoxia‐tolerant organisms to expand whereas it has curtailed the oceanic regions inhabitable (habitat compression) by other organisms sensitive to even slight decreases in O
2
concentrations. Benthic organisms and demersal fish are negatively affected by the unprecedented shoaling of deep, low O
2
waters into shallow coastal areas. Deoxygenation also impinges on critical steps in several biogeochemical cycles, such as the production of two nitrogenous gases, N
2
and nitrous oxide (N
2
O), during nitrification, denitrification, and anaerobic ammonium oxidation. Loss of N via the two gases could limit biological production in the oceans, which may lead to less deoxygenation, while release of N
2
O, a potent greenhouse gas, could lead to more deoxygenation. Along with warming temperatures, increasing dissolved CO
2
, and higher acidity, deoxygenation is likely to continue in the future with many consequences for oceanic biota and biogeochemistry.