The distributions and relationships of O2, CO2, and dimethylsulfide (DMS) in the Changjiang (Yangtze) Estuary and its adjacent waters were investigated in June 2014. In surface water, mean O2 saturation level, partial pressure of CO2 (pCO2), and DMS concentrations (and ranges) were 110% (89%–167%), 374 μatm (91–640 μatm), and 8.53 nmol L−1 (1.10–27.50 nmol L−1), respectively. The sea-to-air fluxes (and ranges) of DMS and CO2 were 8.24 μmol m−2 d−1 (0.26–62.77 μmol m−2 d−1), and −4.7 mmol m−2 d−1 (−110.8-31.7 mmol m−2 d−1), respectively. Dissolved O2 was oversaturated, DMS concentrations were relatively high, and this region served as a sink of atmospheric CO2. The pCO2 was significantly and negatively correlated with the O2 saturation level, while the DMS concentration showed different positive relationships with the O2 saturation level in different water masses. In vertical profiles, a hypoxic zone existed below 20 m at a longitude of 123°E. The stratification of temperature and salinity caused by the Taiwan Warm Current suppressed seawater exchange between upper and lower layers, resulting in the formation of a hypoxic zone. Oxidative decomposition of organic detritus carried by the Changjiang River Diluted Water (CRDW) consumed abundant O2 and produced additional CO2. The DMS concentrations decreased because of low phytoplankton biomass in the hypoxic zone. Strong correlations appeared between the O2 saturation level, pCO2 and DMS concentrations in vertical profiles. Our results strongly suggested that CRDW played an important role in the distributions and relationships of O2, CO2, and DMS.