Background: Birth asphyxia is characterized by hypoxia, hypercarbia, and acidosis during perinatal period and tends to cause hypoxic-ischemic tissue damage and electrolyte imbalance which may lead to perinatal morbidity and mortality. The aim of this study was to assess the electrolyte status and plasma glucose levels in asphyxiated neonates and determine the correlation with different stages of birth asphyxia. Methods: A total of 100 neonates were allocated into two groups (cases and controls; 50 neonates in each) based on the severity of fetal distress by assessing the Apgar score, fetal heart rates, and meconium-stained liquor after baby delivery. The serum levels of sodium, potassium, calcium, and glucose in cord blood were estimated and compared in both the groups by independent t-test and Mann–Whitney U test using R software version 3.6.0. The estimated electrolyte levels were correlated with different stages of asphyxia using Spearman correlation. Results: Among 100 neonates, meconium-stained liquor was observed in 10% of cases and 4% of controls. A statistically significant difference was found between the groups with respect to serum sodium, calcium, and glucose levels (P < 0.05) in contrast to potassium levels (P = 0.162). A significant negative linear correlation was found between serum sodium, calcium, and glucose levels and different stages of hypoxic-ischemic encephalopathy (−0.591r, −0.484r, and −0.221r, respectively). Conclusions: Hyponatremia, hypocalcemia, and hypoglycemia were observed in asphyxiated neonates and were proportionate to the severity level of asphyxia. Hence, immediate cord blood sampling for serum electrolytes and glucose evaluation at high-risk neonates would be the best measure for early diagnosis and severity assessment of perinatal asphyxia.