Fish are important members of both freshwater and marine ecosystems and constitute a major protein source in many countries. Thus potential reduction of fish resources by high-CO2 conditions due to the diffusion of atmospheric CO2 into the surface waters or direct CO2 injection into the deep sea can be considered as another potential threat to the future world population. Fish, and other water-breathing animals, are more susceptible to a rise in environmental CO2 than terrestrial animals because the difference in CO2 partial pressure (PCO2) of the body fluid of water-breathing animals and ambient medium is much smaller (only a few torr (1 torr = 0.1333 kPa = 1316 ¿atm)) than in terrestrial animals (typically 30--40 torr). A survey of the literature revealed that hypercapnia acutely affects vital physiological functions such as respiration, circulation, and metabolism, and changes in these functions are likely to reduce growth rate and population size through reproduction failure and change the distribution pattern due to avoidance of high-CO2 waters or reduced swimming activities. This paper reviews the acute and chronic effects of CO2 on fish physiology and tries to clarify necessary areas of future research.