Worldwide, coastal areas are susceptible to low dissolved oxygen (DO) concentrations due to anthropogenic activities. In the Caribbean, some regions are experiencing extreme incidences of hypoxia and anoxia, jeopardizing biodiversity in these ecosystems. Nonetheless, limited information about these dissolved oxygen fluctuations is available. Using continuous and discrete approaches, the temporal and spatial patterns of DO were examined at Bahia Fosforescente (BF) in southwestern Puerto Rico during 2018. The principal aim was to evaluate whether hypoxic/anoxic conditions are sustained, linked to rainfall, and correspond to bioluminescence fluctuations at BF. An oxycline below 3-m depth was found, reaching hypoxia/anoxia during the wet season when calmer winds dominate and achieve high bioluminescence levels. These results may suggest the incoming of nutrients and organic carbon during the wet season, favoring the development of near-bottom anoxic conditions and benthic nutrient fluxes that favor the growth of bioluminescent plankton such as Pyrodinium bahamense. DO levels in BF might be influenced by changes in climate patterns, which may profoundly affect local planktonic species, impacting the development of bioluminescent natural events and, thus, the local tourism activities that evolve around these natural events.