Ten asphalts, including seven Strategic Highway Research Program (SHRP) asphalts and three Texas asphalts, plus naphthene and polar aromatic Corbett fractions for five of the seven SHRP asphalts were aged at laboratory conditions. The oxygen content by direct measurement and the FTIR carbonyl content were obtained for samples which were aged to varying degrees. It was found that, for each material, the oxygen content correlates linearly with the carbonyl content. The correlation is independent of aging temperature and aging pressure over the ranges studied. Furthermore, each material has a unique correlation coefficient, and the correlation slope for a whole asphalt is smaller than those of its fractions, except for asphalt AAM-1. Since the major oxidation products, including ketones, carboxylic acids, and anhydrides, have different oxygen content−carbonyl content ratios, the correlation coefficients provide qualitative information about the distribution of oxidation products. Relations between oxygen, carbonyl, and asphaltene production are deduced from these and earlier results.