Deionized and tap water were saturated with molecular oxygen either prior to (WST), or after (WTS), treatment with low-temperature, low-pressure glow plasma of low frequency (LPGP) for 0, 5, 15, 30, 60, 90, and 120 min. Physical and physicochemical properties of the resulting liquids were characterized, involving pH, conductivity, density, dissolved molecular oxygen, active oxygen content, differential scanning calorimetry (DSC), ultraviolet-visible (UV-VIS), Fourier transformation infrared-attenuated total reflectance (FTIR-ATR), electronic spin resonance (ESR), and Raman spectroscopies. Tap WST treated with LPGP for 30 min contained the highest level of dissolved molecular oxygen, compared to original non-treated tap water (23 and 15 mg/L, respectively). Essential differences in all investigated properties of LPGP treated tap and deionized WST, compared to those for corresponding WTS, pointed to the indispensable role of dissolved oxygen molecules in building water macrostructure. In the case of tap WST, formation of niches and/or caverns hosting anions (HCO3−, SO4=) was accompanied by cations less enveloped by hydroxyl groups of water. The WST water contained niches of larger size, hosting molecules of oxygen interacting with the environment in various manners. In WTS there was a priority for single donor, single hydrogen bonded water, and free water in building the macrostructure. Such macrostructures host molecular oxygen which, depending on the LPGP treatment time, took either a singlet of triplet state.