The hypoxia signaling pathway is an evolutionarily conserved cellular signaling pathway present in animals ranging from Caenorhabditis elegans to mammals. The pathway is crucial for oxygen homeostasis maintenance. Hypoxia-inducible factors (HIF-1α and HIF-2α) are master regulators in the hypoxia signaling pathway. Oxygen concentrations vary a lot in the aquatic environment. To deal with this, fishes have adapted and developed varying strategies for living in hypoxic conditions. Investigations into the strategies and mechanisms of hypoxia adaptation in fishes will allow us to understand fish speciation and breed hypoxia-tolerant fish species/strains. This review summarizes the process of the hypoxia signaling pathway and its regulation, as well as the mechanism of hypoxia adaptation in fishes. Approximately 2.5 billion years ago, photosynthesis led to the accumulation of oxygen to levels that were likely toxic to many obligate anaerobes. However, increased availability of atmospheric O 2 led to the evolution of an extraordinarily efficient system of oxidative phosphorylation. In this system, chemical energy stored in the carbon bonds of organic molecules is transferred to the high-energy phosphate bond in ATP, which is then used to power physicochemical reactions in living cells [1]. Additionally, O 2 serves as the final electron acceptor in oxidative phosphorylation, which is not only required for energy production, but is also the direct substrate of many enzymes. Thus, it is critical for the growth, development, and reproduction of organisms. Consequently, metazoans have evolved complicated systems of cellular metabolism and physiology to maintain oxygen homeostasis and have developed a biochemical response to low oxygen levels [2]. There are a number of oxygen-sensing pathways that promote hypoxia tolerance by activating transcription and inhibiting translation: the energy and nutrient sensor mTOR, the unfolded protein response that activates the endoplasmic stress response, and the nuclear factor (NF)-B transcriptional response [3]. However, hypoxia-inducible factors (HIFs) are recognized as master regulators of the cellular response to hypoxic stress [4,5]. The hypoxia signaling pathway is evolutionarily conserved from Caenorhabditis elegans to human beings and it activates similar or homogenous gene expression, resulting in similar physical and biochemical responses. Compared with the terrestrial environment, oxygen concentrations vary greatly in the aquatic environment [6]. Thus, compared with most birds and mammals, fishes are tolerant of this varying oxygen availability. Natural selection by oxygen concentration has facilitated the evolution of fishes with a range of adaptations to variable oxygen concentration. Even in waters at the same latitude, closely related species or different strains within a species exhibit varied adaptations to oxygen concentration. Additionally, closely related fishes distributed in waters at different latitudes exhibit extensive variation in their tolerance of hypoxia. De...