Deoxygenation and warming affect adult fish physiology in all aquatic ecosystems, but how these stressors impact the energetics of sensitive developing stages is largely unknown. Addressing this knowledge gap, we investigated chronic and acute effects of two stressors (high temperature and hypoxia) in yolk-sac larval (48–168 hpf) zebrafish (Danio rerio) energy budgets measuring, oxygen consumption rate, growth rate (absolute and specific), % net conversion efficiency, net cost of growth and scaling relationships. Embryos and larvae were raised under four chronic treatments: (1) control (28°C and PO2 21 kPa, T28O21), (2) high temperature (31°C and PO2 21 kPa, T31O21), (3) hypoxia (28°C and PO2 11 kPa, T28TO11) and (4) high temperature and hypoxia (31°C and PO2 11 kPa, T31O11). From each chronic treatment, larvae were acutely exposed to the same combinations of stressors for 1 h in a respirometer. At hatching, larvae from chronic high temperature (T31O21 and T31O11) treatments were larger (higher dry mass and standard length) than controls (T28O21 and T28O11), but by the end of the yolk-sac stage, increased metabolic demands diverted energy away from growth, increasing net cost of growth and lowering % net conversion efficiency. Control metabolic scaling relationships were significant and differed from 0.75, but metabolic levels were lower in acute hypoxia and high temperature/hypoxia. Thus, high temperature dominated larval energetics, acting synergistically with hypoxia to increase cumulative energetic costs and making allostasis difficult compared with older stages.