O2 impurity in the working gas of an He/CF4 atmospheric pressure plasma jet (APPJ) can affect the discharge dynamics and the density of reactive species. Therefore, a two-dimensional (2D) fluid model is built in order to explore the influence of an O2 admixture on the propagation and F-containing species distribution of He/CF4 APPJ. The addition of 0.1% O2 accelerates the ionization rates of APPJ due to the increase of Penning ionization reactions of O2, resulting in the increases of axial speed and F-containing reactive species (CF4+, CF3+, CF2+, CF+, F+, CF3, F, CF3−) when APPJ approaches the dielectric surface. The addition of O2 has the inhibitory effect on the rise of some F-containing reactive species (CF3+ and F). As O2 concentration increases to 2%, the concentration of F-containing reactive species shows a downward trend due to the increase of excitation energy loss and an electron attachment reaction of O2. Different from the axial speed, the radial speed decreases continuously with the increase of O2 because of the high O2 concentration on the dielectric surface when APPJ propagates radially. This also results in a reduced distribution of reactive species fluxes. The excitation energy loss and electronegativity of O2 and CF4 in the case of He + 0.5% CF4 + 0.5% O2 have been presented in this paper. It is discovered that excitation energy loss of O2 is stronger than that of CF4, but the electronegativity of CF4 is stronger than that of O2.