The oscillon is a highly localized dynamical phenomenon occurring in a thin horizontal layer of granular material, which rests on a rigid plate oscillating in the vertical direction. The geometry is axially symmetric and physically resembles a splash of liquid due to a falling drop, except that it continually perpetuates itself and does not generate a spreading wave, as is the case for a liquid splash. The oscillon moves from “peak” to “crater” and “crater” to “peak” such that the time from “peak” to “peak” or “crater” to “crater” is twice the period of the oscillating plate. The physics of granular phenomena is not properly understood, and there is no continuum mechanical theory of granular materials which is widely accepted as accurately describing their behaviour. Here for a free-flowing (cohesion-less) granular material, under axially symmetric conditions, we present a partial continuum mechanical analysis assuming the Coulomb–Mohr yield function and non-dilatant double-shearing theory. We examine small perturbations superimposed upon a purely vertical vibration, and make the assumption that throughout the motion, the lower surface of the layer remains in contact with the rigid metal plate. We show how the temporal dependence, which decouples from the spatial structure, is governed by Mathieu’s equation for the physically relevant case of the rigid plate oscillating sinusoidally, and therefore stability is determined by certain key parameters. We explore a variety of possible forms for spatial dependence. The present axially symmetric analysis complements that presented by the authors for plane strain conditions, and we find, quite remarkably, that apart from constants, both flows are governed by similar fourth-order systems of ordinary differential equations. This means that for both plane strain and axially symmetry, analogous pattern forming conditions can operate.