A WATERWHEEL AERATOR FOR OXYGENATING WATER CONTAINED IN A BODY OF WATER INCLUDES A FLOAT CARRIER (20) FLOATABLE ON A SURFACE OF THE WATER AND A PAIR OF WATERWHEELS (60) DRIVEN BY A MOTOR (40) AND MOUNTED ON THE FLOAT CARRIER (20), CHARACTERIZED BY A TRANSMISSION UNIT (30) DISPOSED ON THE FLOAT CARRIER (20) AND INCLUDING A FIRST OUTPUT SHAFT (32) AND A SECOND OUTPUT SHAFT (33), THE MOTOR (40) BEING CONNECTED TO THE TRANSMISSION UNIT (30) FOR DRIVING THE FIRST AND SECOND OUTPUT SHAFTS (32,33), THE PAIR OF WATERWHEELS (60) BEING CONNECTED TO AND DRIVEN BY THE SECOND OUTPUT SHAFT (33) AND AN UNDERWATER AERATION UNIT (70) DISPOSED UNDER THE FLOAT CARRIER (20) AND CONNECTED TO AND DRIVEN BY THE FIRST OUTPUT SHAFT (32) FOR INTRODUCING AIR INTO A REGION BELOW THE WATER SURFACE, THE UNDERWATER AERATION UNIT (70) INCLUDING AN AIR CONDUIT (71) AND AN IMPELLER ASSEMBLY (72).