Several topics are dealt with in discussing the reactions of molecular oxygen, but a common goal is pursued in each: to try to understand the reactions in terms of the fundamental properties of the oxygen molecule, and of the other reactants. The paper first describes the electronic structure of oxygen and of two low-lying electronically excited states. Concern with the low-lying electronically excited states is no longer the sole property of spectroscopists; recently, evidence has been presented for the participation of such activated molecules in chemical reactions. The chemistry of oxygen is dominated by the fact that the molecule in the ground state has two unpaired electrons, whereas the products of oxidation in many important reactions have zero spin. In its reactions with transition metal ions the restrictions imposed by the spin state of the oxygen molecule are easily circumvented. A number of reactions of oxygen with metal ions have been studied in considerable detail; conclusions on basic aspects of the reaction mechanism are outlined. Among the most interesting reactions of oxygen are those in which it is reversibly absorbed by reducing agents. Reversible absorption to form a peroxide in the bound state is possible; some of the conditions which must be fulfilled by a reducing system to qualify as storing oxygen in this way are reasonably well understood and are here enunciated. Little has been done on the formation of oxygen from water; some factors involved in this process are discussed.