The description of the molecular solid phase of O2, especially its ground-state antiferromagnetic insulating phase, is known to be quite unsatisfactory within the local and semilocal approximations conventionally used in the Kohn-Sham formalism of density functional theory (DFT). The recentlydeveloped van der Waals (vdW) density functionals, vdW-DF, that take into account nonlocal correlations have also shown subpar performance in this regard. The difficulty lies in the subtle balance between the vdW interactions and the exchange coupling between the spin-triplet state of molecules in the molecular crystal. Here, we report that the DFT+U approach used in combination with the vdW-DF performs surprisingly well in this regard, and discuss the reasoning behind this behavior. We also apply this approach to study the recently-reported magnetic field-induced θ phase of solid O2.