The development of mild and efficient processes for the selective oxygenation of organic compounds by molecular oxygen (O2) is key for the synthesis of oxygenates. This paper discloses an atom‐efficient synthesis protocol for the photo‐oxygenation of 9,10‐dihydroanthracene (DHA) by O2 to anthraquinone (AQ), which could achieve quantitative AQ yield (100 %) without any extra catalysts or additives under ambient temperature and pressure. A yield of 86.4 % AQ was obtained even in an air atmosphere. Furthermore, this protocol showed good compatibility for the photo‐oxidation of several other compounds with similar structures to DHA. From a series of control experiments, free‐radical quenching, and electron paramagnetic resonance spin‐trapping results, the photo‐oxygenation of DHA was probably initiated by its photoexcited state DHA*, and the latter could activate O2 to a superoxide anion radical (O2.−) through the transfer of its electron. Subsequently, this photo‐oxidation was gradually dominated by the oxygenated product AQ as an active photocatalyst obtained from the oxidation of DHA by O2.−, and was accelerated with the rapid accumulation of AQ. The present photo‐oxidation protocol is a good example of selective oxygenation based on the photoexcited substrate self‐activated O2, which complies well with green chemistry ideals.