Sea lice (Lepeophtheirus salmonis [Krøyer, 1838]) are a key issue for salmon aquaculture, contributing to increased mortality for both wild and farmed salmon if no action is taken. Using cleaner fish can be an effective, drug-free treatment method, and ballan wrasse (Labrus bergylta) is a hardy wrasse species that displays cleaning behavior. With concerns about the overharvest of wild ballan wrasse, many companies farm this species, but the optimal ranges of a wide variety of rearing parameters are still unknown. This study investigated the effect of 6-week exposure to four dissolved oxygen (DO) levels (125%, 100%, 85%, and 75% DO saturation as the percentage of air) on ballan wrasse. Survival; growth (specific growth rate, SGR); condition factor (CF); and primary (cortisol), secondary (glucose, lactate, magnesium), and tertiary stress indicators (swimming performance) were investigated. There were no differences in SGR, CF, survival, or cortisol level among the groups at the end of the 6 weeks. There was variation in the magnitude of the cortisol response to an acute stressor at the end of the 6-week period, with the 75% DO treatment exhibiting a 3.3-fold increase in cortisol compared to a 5.2-fold increase in the control group (100%), which could suggest chronic stress. Relative critical swimming speed (RU