Mosses are plants of simple anatomical structure and as they occur in habitats characterised not only by major changes in the concentrations of carbon dioxide, they suffer the stress of periodic water shortages or submergence in water. The condition of hypoxia (submergence in water or CaCl2 solution) prompted the increase in daily fluctuations in malate content, particularly in the gametophores of Polytrichum piliferum Hedw. No significant increases in daily fluctuations of citrate were found in the hypoxia and post-hypoxia conditions. Placing gametophores for 168 h in air with a concentration of CO2 at ∼ 350 μmol mol-1, and 21% of oxygen, after being submerged for 24 h in water, reduced the daily fluctuations of malate and citrate. Keeping the plants in these conditions for a long time (120-168 h) produced the increase in photosynthesis intensity in the gametophores of Mnium undulatum Hedw. and P. piliferum by 13% and 51%, respectively, when compared with plants submerged for 24 h. The intensity of respiration during post-hypoxia, however, was markedly lower compared with the intensity of the process recorded in hypoxia, particularly in the gametophores of P. piliferum. The increased daily fluctuations of malate and NAD(P)H in the studied species under hypoxia could constitute an important element of adaptive strategy to these conditions. and G. Rut, A. Rzepka, J. Krupa.