[Objective] Effect of hypoxic water culture on physiological characteristic of water spinach and its hypoxia tolerance were studied.[Method] Water spinach was planted in soil and eutrophication water by means of floating bed,respectively,and the change of physiological indexes including chlorophyll,proline(Pro),malondialdehyde(MDA),soluble sugar and soluble protein in water spinach leaves at mature stage was researched,while the hypoxia tolerance of water spinach and the effect of plant density on water spinach growth were discussed in our paper.[Result] In the hypoxic eutrophication water,the content of total chlorophyll,malondialdehyde,soluble sugar and soluble protein in water spinach leaves was lower than that of soil culture,with higher proline content,which showed that water spinach had better tolerance to hypoxic eutrophication water;the higher the plant density,the lower the chlorophyll content in water spinach leaves,and there was no significant effect of plant density on proline and malondialdehyde content,while soluble protein content was higher under high plant density.[Conclusion] The best plant density of water spinach was 66 plants per floating bed with the area of 2 m2,which could provide theoretical basis for the application of water spinach in floating bed.