The proper water chemical composition of aquaculture water is very important for fish farming in reservoirs or fish multiplication stations. Gas bubble disease (GBD) is mainly caused by total dissolved gas supersaturation (TDGS) in water and is a common problem that affects the healthy growth of fish. Extensive measures have been taken to mitigate TDGS levels in water where fish live, while methods for quantitatively evaluating the mitigation effect of the proposed measures on fish exposed to TDGS are still lacking. In this paper, an activated carbon (AC) adsorption experiment for supersaturated total dissolved gas (TDG) dissipation was conducted, and the experimental results indicated that AC addition could effectively accelerate supersaturated TDG dissipation. Based on fish tolerance experiments conducted by Huang (2010), two models, including a mortality risk degree evaluation model and a mortality rate calculation model, were developed to quantitatively evaluate the mortality risk mitigation effect of AC addiction on fish exposed to unsteady TDGS levels. Application of the results of the mortality risk degree evaluation model has shown that AC addition can help alleviate the mortality risk of fish suffering from TDGS. Application of the results of the mortality rate calculation model has also demonstrated that the final mortality rate of the fish group in the case with AC addition was lower than that of the case without added AC, and the final mortality rate decreased as the specific surface area and dosage of AC increased. Furthermore, an equation that related the required AC mass and a given harvested fish mass was established. This paper provides a reference for evaluating the effects of various mitigation measures to alleviate the risk posed to fish by TDGS.