Herein we investigate how the oxygen content in hot isostatically pressed (HIP'd) 316L stainless steel affects the mechanical properties and tensile fracture behavior. This work follows on from previous studies, which aimed to understand the effect of oxygen content on the Charpy impact toughness of HIP'd steel. We expand on the work by performing room-temperature tensile testing on different heats of 316L stainless steel, which contain different levels of interstitial elements (carbon and nitrogen) as well as oxygen in the bulk material. Throughout the work we repeat the experiments on conventionally forged 316L steel as a reference material. The analysis of the work indicates that oxygen does not contribute to a measureable solution strengthening mechanism, as is the case with carbon and nitrogen in austenitic stainless steels (Werner in Mater Sci Eng A 101:93-98, 1988). Neither does oxygen, in the form of oxide inclusions, contribute to precipitation hardening due to the size and spacing of particles. However, the oxide particles do influence fracture behavior; fractography of the failed tension test specimens indicates that the average ductile dimple size is related to the oxygen content in the bulk material, the results of which support an on-going hypothesis relating oxygen content in HIP'd steels to their fracture mechanisms by providing additional sites for the initiation of ductile damage in the form of voids.