Some degree of localized hypoxia can cause varying degrees of tissue cell damage, and oxygen releasing biomaterials can provide continuous oxygen delivery to transplanted cells. In recent years, extensive research efforts have been dedicated to the advancement of valuable oxygen-releasing biomaterials and systems, with the aim of enhancing oxygen delivery within the body, thus ensuring effective oxygen supply to implanted tissues. Oxygen-carrying and oxygen-producing materials can be categorized according to the mode of oxygen delivery. The former are based on the binding of oxygen molecules under specific conditions to provide therapeutic oxygenation, while the latter are based on the combination of oxygen source materials into polymers that are hydrolyzed in vivo to achieve the effect of oxygen release. This paper summarizes the current development of oxygen-carrying materials and the latest research on oxygen-producing materials in terms of oxygen delivery, carrier materials and controlled release, and discusses the practical application of oxygen-releasing biomaterials for oxygen delivery and a number of schemes for controlling slow release.