Swimming exercise and dissolved oxygen (DO) are important parameters to consider when operating intensive salmonid aquaculture facilities. While previous research has focused on each of these two variables in rainbow trout Oncorhynchus mykiss, studies examining both variables in combination, and their potential interaction, are absent from the scientific literature. Both swimming exercise (usually measured in body lengths per second, or BL/s) and DO can be readily controlled in modern aquaculture systems; therefore, we sought to evaluate the effects of these variables, separately and combined, on several outcomes in rainbow trout including growth performance, fin health and survival. Rainbow trout fry (18 g) were stocked into 12 circular 0.5 m³ tanks, provided with either high (1.5–2 BL/s) or low (approximately 0.5 BL/s) swimming exercise and high (100% saturation) or low (70% saturation) DO, and grown to approximately 1 kg. By the conclusion of the study, higher DO was independently associated with significantly (p < .05) increased growth performance. Significant differences were not noted in other outcomes, namely feed conversion, condition factor and mortality, although caudal and right pectoral fin damage was associated with low oxygen and low swimming exercise treatments respectively. Cardiosomatic index was significantly higher among exercised fish. These results suggest that swimming exercise and DO at saturation during the culture of rainbow trout can be beneficial to producers through improved growth performance and cardiac health.