Aquatic animals are naturally exposed simultaneously to environments with different concentrations of humic acid (HA) and seasonal or daily variations of dissolved oxygen (DO) levels. This study investigated the effects of simultaneous exposure to different HA and DO levels on plasma ion levels and some hematological and oxidative parameters in different tissues of silver catfish (Rhamdia quelen). The fish were exposed to 0, 2.5 or 5 mg L(-1) HA for 120 h. After this period, each group was divided into two groups: normoxia and hypoxia. Exposure to the different DO levels lasted 96 h, totaling 216 h of experimentation. At the end of the experimental period, blood sampling was performed, and the fish were euthanized prior to the excision of the gills and the brain to evaluate hematological and oxidative parameters. To verify the antioxidant capacity of HA, total phenolic compounds were measured. In general, all tissues of silver catfish exposed simultaneously to hypoxia and different HA concentrations showed a reduction in lipid peroxidation levels, as well as a modulation of the antioxidant system. These effects occurred in an HA concentration-dependent manner. Thus, HA is beneficial to silver catfish exposed to hypoxia. These beneficial effects can be attributed, most likely, to the action of the different HA constituents and functional groups, including phenolic compounds, which have antioxidant properties.