Hypoxia is becoming a stressor in aquatic environments due to human activities and climate change. To reveal the dynamic response mechanisms of pearl oyster, this study investigated transcriptomic and metabolomic changes in pearl oyster (Pinctada fucata martensii) exposed to hypoxia for 2 and 25 days. In total, 488 differentially expressed genes (DEGs) were detected between 2 and 25 days of hypoxia stress. The identified DEGs were primarily associated with Gene Ontology (GO) terms such as "histone H4 acetylation", "DNA methylation", "histone (H3-K9/H4-K20/H3-K27/H3-K4) trimethylation", "positive regulation of ATPase activity", "myosin complex", "microtubule-based processes", "actin cytoskeleton", and "glutathione peroxidase activity", as well as KEGG pathways such as "neuroactive ligand-receptor interactions", "ECM-receptor interactions", and "apoptosis". We also identified 77 significantly differential metabolites (SDMs), which were associated with 32 metabolic pathways, including arginine and proline metabolism, glycerophospholipid metabolism, aminoacyl-tRNA biosynthesis, and sphingolipid metabolism. Integrated DEGs and SDMs analyses showed that pearl oysters were found to suffer from reduced biomineralization, hindered cytoskeletal reorganization, decreased neuronal excitability, apoptosis, immune inhibition, and oxidative stress after 25 days of hypoxic stress. Overall, these results help to elucidate the complex responses of pearl oysters to hypoxic conditions.