Coastal systems could be affected by hypoxic events brought about by global change. These areas are essential nursery habitats for several fish species including the common sole (Solea solea L.). Tolerance of fish to hypoxia depends on species and also on their physiological condition and nutritional status. Indeed, high dietary lipid content has been recently shown to negatively impact the resistance of sole to a severe hypoxic challenge. In order to study the molecular mechanisms involved in the early response to hypoxic stress, the present work examined the hepatic transcriptome in common sole fed diets with low and high lipid content, exposed to severe hypoxia. The activity of AMP-activated protein kinase (AMPK) was also investigated through the quantification of threonine-172 phosphorylation in the alpha subunit. The results show that hypoxia consistently regulates several actors involved in energy metabolism pathways and particularly AMPKα, as well as some involved in cell growth and maintenance or unfolded protein response. Our findings reveal that (1) the expression of genes involved in biological processes with high energy cost or implicated in aerobic ATP synthesis was down-regulated by hypoxia, contrary to genes involved in neoglucogenesis or in angiogenesis, (2) the consumption of high lipid induced regulation of metabolic pathways going against this energy saving, and (3) this control was fine-tuned by the regulation of several transcriptomic factors. These results provide insight into the biological processes involved in the hepatic response to hypoxic stress and underline the negative impact of high lipid consumption on the tolerance of common sole to hypoxia