The 43-year-old, who made the transition in 2012, made history playing in the games, but will not bring home a medal in New Zealand.
Hubbard was trying to progress in the snatch, but initially failed on his first attempt at 120kg, dropping the bar behind her.
She then went on to increase to 125kg after seeing the success of her rivals.
It seemed at first glance that she had managed to lift that weight on her second attempt, but this was ultimately ruled out for a technical detail.
On his third and final attempt, Hubbard faltered again, sealing his exit from the competition.
In his youth, before the transition, Hubbard competed in men’s events and lifted around 300kg in national competitions.
At 23 however, she left the sport behind, explaining that the pressure of trying to fit into this world was “too much to bear”.
In 2017, after 16 years of absence, she returned to the women’s competition and soon won gold at the Australian championships.
She battled a ruptured ligament in her arm, suffered during the 2018 Commonwealth Games and returned to action in 2019.
The dream of an Olympic medal was not to be for Hubbard, as she has now collapsed.
For Team GB’s Emily Campbell, the dream of an Olympic medal has come true.
She captured Britain’s first women’s Olympic weightlifting medal with silver.
Campbell entered the clean and jerk section of the competition in fourth place, but successive lifts of 156kg and 161kg sealed her historic place on the podium.
China’s Li Wenwen twice broke the Olympic record winning gold and American Sarah Robles had to settle for bronze.