Dissolved Oxygen (DO) is one of the most important factors for aquatic animals as especially for those who derive dissolved oxygen from the water. DO levels indicate the quality of water. Many biotic and abiotic factors may influence DO concentration like mixing of different water bodies, upwelling, atmospheric exchange, respiration, photosynthesis, ice cover, pollution and some physical factors like salinity and temperature. The fluctuations in DO levels in water affect fish physiology. In this review, we will focus on the impact of DO on freshwater fish-physiology. A detailed literature survey is given based on DO and freshwater fish swimming, feeding, disease management, survival, respiration, metabolism, growth, reproduction, health parameters, immunity and stress of freshwater fishes.