Abstract Climate change causes warming, decreased O 2 , and increased CO 2 in marine systems and responses of organisms will depend on interactive effects between these factors. We provide the first experimental assessment of the interactive effects of warming (14 to 22°C), reduced O 2 (∼3 – 21 kPa O 2 ), and increased CO 2 (∼400 or ∼1000 µatm ambient CO 2 ) on four indicators of aerobic performance (standard metabolic rate, SMR, maximum metabolic rate, MMR, aerobic scope, and hypoxia tolerance, O 2crit ), blood chemistry, and O 2 transport (P 50 ) of a marine fish, the European sea bass (Dicentrarchus labrax). Warming increased SMR and O 2crit (i.e. reduced hypoxia tolerance) as well as MMR in normoxia but there was an interactive effect with O 2 so that hypoxia caused larger reductions in MMR and aerobic scope at higher temperatures. Increasing CO 2 had minimal effects on SMR, MMR and O 2crit and did not show interactive effects with temperature or O 2 for any measured variables. Aerobic performance was not linked to changes in blood chemistry or P 50 . Despite lack of effects of CO 2 on aerobic performance, increased CO 2 induced 30% mortality of fish exercised in low O 2 at 22°C indicating important threshold effects independent of aerobic performance. Overall, our results show temperature and O 2 , but not CO 2 , interact to affect aerobic performance of sea bass, disagreeing with predictions of the oxygen- and capacity-limited thermal tolerance hypothesis.