Objective: To determine the consistency among TcPO2,TcPCO2,PaO2,PaCO2, in neonates treated with oxygen strategy, and to find the impact factors, in order to provide guidance for the transcutaneous monitoring as a substitute of blood gas analysis in neonates with oxygen strategy. Methods: We collected arterial blood gas of neonates during stable transcutaneous monitoring, and recorded TcPCO2 and TcPO2 5 min before and after collection, weight, pulse, gestational age, oxygen mode, fraction of inspired oxygen, arterial oxygen saturation (SaO2), and pH. Comparison was performed using descriptive statistics, Pearson correlation analysis and receiver operating characteristic (ROC) curve. Results: The factors including weight,inspired oxygen had no obvious impact on the consistency between TcPCO2 and PaCO2, and TcPCO2 was higher than PaCO2 in the cases with bad circulation. Statistical correlation and consistency was lower between TcPO2 and PaO2, especially in the lower oxygen index cases, there was no statistical correlation between them. The difference between TcPO2 and PaO2 was increased with the increase of birth weight and the increase of arterial oxygen partial pressure. Conclusion: TcPCO2 and PaCO2 have good consistency, even in very low birth weight. The correlation between TcPO2 and PaO2 is lower, for babies with oxygen strategy. There is no correlation between TcPO2 and PaO2 in high oxygen partial pressure, and TcPO2 is a better marker than PaO2 in revealing real arterial oxygenation, which is more valuable for the guidance of oxygen therapy in neonates.