Owing to their unique structure and outstanding properties, metallic glasses are a novel class of structural and functional materials with vast application prospects. However, the metastable amorphous structures and chemical activity of metallic glass constituent elements lead to frequent oxidation during preparation, processing, and application. Comprehensively understanding the oxidation behaviors and underlying mechanisms of metallic glasses is essential for gaining knowledge of metallic glass structures and properties and for promoting engineering applications. Although many studies have examined these issues, more investigations are still required to explore potential industrial applications of metallic glasses. Here, recent research on metallic glass oxidation is consolidated by summarizing the oxidation influence on metallic glass structure, performance, and application and the possibilities and feasibility of oxidizing metallic glasses to reinforce materials or develop material systems are discussed.