Vertebrate brain function is particularly sensitive to the effects of hypoxia, with even brief periods of oxygen deprivation causing significant brain damage and impaired cognitive abilities. This study is the first to investigate the cognitive consequences of hypoxia in fish, specifically induced by exhaustive exercise and air exposure, conditions commonly encountered during catch-and-release (C&R) practices in recreational fishing. Angling exerts substantial pressure on inland fish populations, underscoring the need for sustainable practices like C&R. While C&R survival rates are generally high, understanding its sublethal impacts is crucial for evaluating the practice’s ethical and ecological sustainability. We examined the effects of these stressors on the cognitive function of 238 rainbow trout, using the free movement pattern Y-maze method to assess working memory through navigational search patterns during free exploration sessions. Our results showed that air exposure led to short-term (3–4 h post-treatment), but transient impairments in working memory, with no long-term cognitive deficits observed at one week and one month post-treatment. These findings emphasize the high tolerance of fish to hypoxia and support the sustainability of C&R as a tool in fisheries management.