Amorphous magnetic CoFeTaBO granular films with different oxygen contents are fabricated by using magnetron sputtering. The effect of oxygen contents on magnetic and electrical properties of the amorphous CoFeTaBO granular films are investigated, and a model for the coexistence of two states of oxygen-dependent metallic oxides in the CoFeTaBO film is proposed to explain magnetic and electrical characteristics in amorphous film system. It is expected that our proposed two-state model can provide a new perspective for understanding the physical properties of amorphous magnetic granular film materials.