In this paper, based on first‐principles calculations, we have carried out a comprehensive study of substitutional oxygen defects in hexagonal silicon nitride (β‐Si3N4). First of all, it is found that substitutional oxygens tend to form clusters at three different sites due to the intensive attractive interaction. By analyzing modified Bader charge and trap energy, we next discuss retention characteristic of the three clusters. The results manifest that all of the clusters are amphoteric defects with the ability to trap both electrons and holes. Moreover, every cluster is more powerful to trap holes, which indicates that oxygen clusters have a higher stability to hold holes than electrons. With regard to endurance characteristic, our studies reveal that the three clusters present differences after program/erase cycles, and then we explore the mechanism of endurance degeneration by nudged elastic band method (NEB). Taking full account of retention and endurance, we deem holes rather than electrons to be optimal to act as operational charge carriers for oxygen defects in Si3N4‐based charge trapping memories.