Background: To assess changes in clinical condition and oxygenation in neonates after rewarming following moderate therapeutic hypothermia (MTH) for neonatal encephalopathy. Methods: Retrospective study of 28 neonates receiving MTH in a tertiary neonatal intensive care unit in Israel. We compared pre-and 24 h post-rewarming arterial oxygen saturation (SaO 2) as measured by the blood gases analyzer, pulse-oximetry saturation (SpO 2), and cardiorespiratory condition. Results: The SpO 2 declined from 96.9% (AE2.9) before rewarming to 95.2% (AE2.6) after rewarming (p < 0.001). Twelve neonates (42.9%) had clinical respiratory impairment (needing higher respiratory support or had new onset desaturations). In 16 neonates (57.1%) with no change in respiratory support after rewarming, SpO 2 decreased from 98.3 AE 1.9% to 95.6 AE 3.0% (p < 0.001) and SaO 2 decreased from 97.1 AE 1.7% to 96.0 AE 2.3% (p Z 0.002). The mean SpO 2 decrease was greater than mean SaO 2 decrease (2.63 AE 1.8 and 1.1 AE 1.3 respectively, p Z 0.021). Conclusion: Neonates who underwent MTH showed reduction in oxygenation after rewarming either by decreasing SpO 2 or increasing FiO 2 requirements. The SpO 2 decline was larger than the SaO 2 decline. We suggest careful monitoring of neonates after rewarming.