Hypoxia
(Note : Hypoxia and Hypoxemia are terms which are often used interchangeably)
To understand this more fully, we need to have an understanding of how this deficiency may arise.
The only way for oxygen to reach your liver, brain, muscles, etc, is by travelling there through your circulatory system - your arteries, veins and capillaries. You breath in air, 21% of which is oxygen, and this oxygen is tranferred into bloodstream, in your lungs, through the alveoli, the endpoint, if you like, of your respiratory system. The alveoli exchanges the 'new' oxygen you have just breathed in for the carbon dioxide in the bloodstream.
This carbon dioxide is a by-product of the process of cell respiration, as is water. In this process, energy is produced in the mitochondria of cells. This energy is our physical "life force". Both oxygen and glucose (produced by the liver) are required for this. Glucose contains carbon. That's where the carbon in the carbon dioxide comes from. Glucose plus oxygen produces carbon dioxide, water and energy. When this process stops, the cell dies. (adapted from https://tinyurl.com/y2fd659u)
This 'energy' is what keeps is alive. Without the right balance of oxygen and glucose, our organs and tissues will start to shut down, and this can, ultimately, result in death.
So ... Hypoxia is a condition arising from a deficiency in the amount of oxygen in the blood which results in damage to the organs and tissues of the body.
Hypoxia can kill if the oxygen deficiency is severe enough that organs start to shut down.