Abstract The extreme environment formed during bubble collapse can cause a series of chemical reactions inside the bubble, and multiple products (i.e., ˙OH, H˙, O, H2, and HO2˙, etc.) are produced, which is called sonochemistry. In this study, a new model is used to predict the sonochemistry characteristics inside an oxygen bubble oscillating in water. The influences of static pressure, ultrasonic frequency, and the equilibrium radius on the temperature inside the bubble and the yields of chemical products are analyzed. The numerical calculation results are obtained during bubble oscillations under a steady state, which is different from the previous studies that focus on the sonochemical characteristics at the bubble collapse. Numerical studies show that with the change in the equilibrium radius, the maximum bubble temperature fluctuates drastically, and the maximum yields of H2 and ˙OH show a Gaussian curve trend. The cavitation activity corresponding to the equilibrium radius depends on the combination of static pressure and ultrasonic frequency.