Flooding or waterlogging, and associated soil hypoxia, affect severely the growth and fitness of plant species, from crops to forest ecosystems. An improved understanding of the intra-species genetic diversity of traits involved in hypoxia tolerance is a prerequisite for crop breeding programmes aimed at increasing the tolerance to waterlogging, as well as for assessing the adaptability of natural populations to waterlogging. Some genotypes within the species have developed adaptations to hypoxia, as shown by differences among populations in growth and fitness, and in traits conferring some degree of tolerance such as sequence, expression and activity of alcohol dehydrogenase, or the ability to develop adventitious roots, increased tissue porosity and hypertrophied lenticels. Genetic control has been estimated for a number of such traits. Overall, under waterlogging, specific tolerance traits show higher heritabilities compared to traits quantifying productivity, damage or overall performance. Genomic regions involved in the control of these traits (i.e., Quantitative Trait Loci QTL) have been detected for tolerance traits in a few species, and allow gaining some insight into the genetic basis of the observed natural diversity or may be a starting point for breeding purposes. However, only for submergence tolerance in rice (sub-1) has a successful gene candidate approach resulted in the detection of alleles that are directly involved in the tolerance process.