One of the main risks to fish health in an aquatic environment is hypoxia, which can either lead to respiratory failure or the emergence of various diseases in a fish population. This investigation examined the impact of hypoxia on the gut bacteria of a loach, Lepidocephalichthys guntea, which under the dissolve oxygen stress can gulp air from surface and breathe using its posterior intestine. High-throughput sequencing was used to examine the anterior and posterior parts of the gut of L. guntea during both normoxia and hypoxia. According to the community profiling of the gut bacteria, prolonged exposure to hypoxia increased the diversity and abundance of bacteria in the posterior part while decreasing both in the anterior part of the gut. Additionally, for both parts of the gut, the core microbiota showed a significant alteration during hypoxia. In correlation network analysis, a more interactive and intricate network was developed at normoxia. According to the comparative analyses of the gut bacteria, hypoxia causes more pronounced alterations in the posterior gut than the anterior gut at various taxonomic levels. As a consequence of hypoxia, several genera like Aeromonas, Pseudomonas, Plesiomonas, Acinetobacter, and Enterobacter were replaced by Streptococcus, Escherichia-Shigella, Janthinobacterium, and Clostridia. A surge in probiotic genera, including Bifidobacterium, Lactobacillus, Blautia, and Cetobacterium, was also seen. The fatty acid biosynthesis pathway was induced only in hypoxia, although all other metabolic pathways were present in both situations, albeit with fewer hits in hypoxia.