We study theta characteristics of hyperelliptic metric graphs of genus g with no bridge edges. These graphs have a harmonic morphism of degree two to a metric tree that can be lifted to a morphism of degree two of a hyperelliptic curve X over K to the projective line, with K an algebraically closed field of char\({(K) \not =2}\), complete with respect to a non-Archimedean valuation, with residue field k of char\({(k)\not=2}\). The hyperelliptic curve has \({2^{2g}}\) theta characteristics. We show that for each effective theta characteristic on the graph, \({2^{g-1}}\) even and \({2^{g-1}}\) odd theta characteristics on the curve specialize to it; and \({2^g}\) even theta characteristics on the curve specialize to the unique not effective theta characteristics on the graph.