This study aimed to understand how environmental factors, specifically water temperature and oxygen saturation, affect the growth performance and physiology of pikeperch (Sander lucioperca) juveniles in recirculating aquaculture systems (RASs). Given the importance of optimising growth conditions in aquaculture to maximise efficiency, it aims to assess whether different combinations of oxygen levels and temperatures can enhance growth while maintaining the physiological health and welfare of the fish. The experimental design included the culturing pikeperch juveniles (22.7 ± 7.1 g) were exposed to hypoxia (78 ± 14%), normoxia (105 ± 12%), and hyperoxia (140 ± 18%) conditions for 72 days. This was conducted at two temperatures, 20 °C and 23 °C, each in a separate but identical RAS. The level of oxygen supply was controlled with micro bubble diffusers on the bottom of each tank. The hyperoxia at 23 °C positively affected total length, BW, specific growth rate, feed intake and feed conservation rate (FCR). The slowest growth and feed intake, along with the highest FCR, were observed in hypoxia at 20 °C. Fish reared under 23 °C exhibited significantly higher visceral-somatic index (3.54 ± 0.83 at 23 °C and 2.76 ± 0.73 at 20 °C) regardless of oxygen levels. It was primarily responsible for the observed growth difference (Final BW: 58.3 ± 18.8 g at 23 °C and 53.0 ± 18.3 g at 20 °C). The water temperature also affected haematocrit, haemoglobin, leucocyte count, mean corpuscular haemoglobin, mean corpuscular volume (MCV) of the blood cells; the concentration of lymphocytes, neutrophile granulocyte bands and segments. Among biochemical markers, temperature affected cytoplasmic and mitochondrial enzymes, ammonia and triglyceride levels in blood plasma. Elevated antioxidant activity was observed in muscle, intestine and liver tissues. Oxygen levels demonstrated significant effects on growth, feed intake and conversion, the MCV of the blood cells, the concentration of the glucose, lactate and ammonia in blood plasma, and antioxidant biomarkers in the liver tissue. The analysis indicated a significant effect of oxygen on energy metabolism. The results showed hyperoxia under 23 °C create conditions for the highest growth and feed intake, high feed utilisation. There are, however, concerns about the physiological conditions and welfare of intensively cultured pikeperch juveniles, as higher feed intake led to increased visceral fat content in the body, elevated antioxidant activity in the liver, muscle and intestine tissues, morphology of blood cell, and energy metabolism.