This work explores the low-temperature catalytic oxidation of heavy oil (140 °C), resulting in structural changes with reduced heavy components and increased light components. The catalytic oxidation system consists of a catalyst, an oxidant, and a proton donor. Four different complexes of iron-based catalysts were utilized: ferric oleate, iron naphthenate, EDTA–FeNa, and EDDHA–FeNa. Catalytic oxidation processes with these catalysts produced four types of oxygenated oil, which were then analyzed using group composition analysis and a viscosity test. The results show that EDDHA–FeNa is more favorable for the catalytic oxidation of heavy oil in a low-temperature environment, achieving a viscosity reduction rate of 78.57%. Furthermore, the catalytic performance of heavy oil oxidation was investigated using EDDHA–FeNa as catalyst under three conditions: the amount of catalyst, oxidant and reaction temperature. These findings may provide researchers valuable guidance and principles for the investigation and development of advanced catalytic viscosity reduction of heavy oil.