The ozone valley over the Tibetan Plateau (TP) has an important effect on global weather and climate. As a significant source of atmospheric gravity waves (GWs), TP is also a key area of global stratosphere-troposphere exchange (STE), yet the exploration of the causes of low ozone values over the TP has been scarce from the perspective of GW. In this paper, we used the hyperspectral Atmospheric Infrared Sounder (AIRS) data to extract GWs and deep convection over the TP and analyzed the statistical characteristics of ozone for corresponding events. The results show that: (1) The GWs observed by AIRS mainly occur in the mid-latitude region, with a maximum frequency of >10%, and their intensity varies with longitude. Three large-value regions have been identified on the coast of Southeast Asia, Central America, and Central Africa. (2) Most deep convection occurs in the Intertropical Convergence Zone (ITCZ), with three large value centers in the East Asian monsoon region, Central America and Central Africa. Among them, the Indian monsoon region, the Northwest Pacific region to the east of the Philippines, and the western side of the South China Sea (SCS) are the large-value areas within the East Asian monsoon region, with the maximum occurrence frequency exceeding 15%. (3) TP is a region with a large frequency of convective gravity waves. In most areas of the southern foothills of the TP, the frequency of GWs related to convection is 30%–50%. Almost all deep convection over the TP and its adjacent areas are accompanied by GWs, with a frequency of 60–90%. (4) The composite analysis results show that the occurrence of GWs or deep convection is accompanied by negative anomalies of ozone in most areas of the southern foothills of the TP, indicating a decrease in the integrated column amount of ozone. (5) By analyzing the anomaly distribution of meteorological elements such as cloud fraction, cloud top height, tropopause height, and outgoing longwave radiation (OLR), the results show a dual effect in the presence of GWs or deep convection. The effect involves not only an increased generation of clouds, conducive to convection but also elevated cloud top height, promoting the formation of high clouds, some even beyond the tropopause. In addition, the occurrence of GW or deep convection can also affect the tropopause height, strengthen convective activity, and facilitate the upward transfer of low-concentration ozone from the lower layer to the upper layer, thereby causing a decrease in the integrated column amount of ozone.