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