Hypoxia will cause cell death and tissue necrosis. Preventing cell hypoxia is one of the key issues affecting cell survival and engineering tissue implantation. The oxygen-releasing materials can provide oxygen support for cells and tissues, have shown great potential in tissue engineering and regenerative therapy, and are becoming an important biomaterial. In recent years, the oxygen-releasing materials have been developed rapidly under the efforts of many researchers. We summarized the latest progress in this field in this paper. We systematically summarized the progress of two kinds of oxygen releasing materials, oxygen-generating materials and oxygen-carrying materials. We discussed the manufacturing methods of the oxygen-releasing materials, the ways of oxygen transfer and oxygen release performance, and discussed the application of oxygen releasing materials in tissue engineering application, supporting ischemic tissue and tumor hypoxia. The key to the application of oxygen-releasing materials is the long-term controlled release of oxygen. So in this paper, we focuses on the construction and continuous oxygen release performance of controlled release systems such as peroxide, enzyme catalytic system, hemoglobin, perfluorocarbon and micro/nano bubbles. The problems and challenges in the research of the oxygen-releasing materials are also pointed out, and the development of related research in the future is prospected.